How Much Interest Can Be Accumulated During One Year on a $1,000

question 89

Multiple Choice

How much interest can be accumulated during one year on a $1,000 deposit paying continuously compounded interest at an APR of 10 percent?

• A)$100.00
• B)$105.17
• C)$110.50
• D)$115.70 Interest = $1,000 x e.¹ - $1,000
• = $1,000 x 1.1052 - $1,000
• = $1,105.17 - $1,000

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