Examlex
Which of the following statements is correct?
Annual Interest Rate
The percentage rate charged or paid over a period of one year for a loan or investment.
Compounds Interest Continuously
The process of calculating interest on both the initial principal and the accumulated interest from previous periods, assumed to be compounded infinitely often per period.
Nearest Tenth
Rounding a number to one decimal place, or to the closest tenth.
Compounded Continuously
Refers to the mathematical limit of the compound interest formula, as the number of compounding periods per year becomes infinitely large.
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