To find: To identify the difference of compounded daily interest from compounded monthly interest.
Given:
Here, the principal amount
Concept used:
If
Calculation:
Given data to calculate the compound interest in daily for two years.
Therefore,
Similarly, solve the compound interest in monthly for two years.
Therefore,
Thus, the difference between the amount of compound daily from compound monthly.
Conclusion:
Hence, the difference between the amount of compound interest daily from compound interest monthly is
Chapter 4 Solutions
Holt Mcdougal Larson Algebra 2: Student Edition 2012
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