To find: The difference between daily compounded interest and monthly compounded interest.
Option (A) is correct.
Given:
The principal amount
Concept used:
If
Calculation:
Substitute the known values in the following data to compute interest.
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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