document.write( "Question 172750: Can someone please help me!
\n" ); document.write( "4. You have $760,000 in your bank account. The interest rate in your account is 5%. Solve for the following:
\n" ); document.write( "a. How much interest will you accumulate if interest is compounded annually over the next five years?
\n" ); document.write( "b. How much interest will you earn in your account over the next five years with continuous compounding?
\n" ); document.write( "You can use a scientific calculator or the =Exp() function in Microsoft Excel.
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Algebra.Com's Answer #127589 by jojo14344(1513)\"\" \"About 
You can put this solution on YOUR website!
\"F=P%281%2B%28i%2Fm%29%29%5E%28nm%29\" ----------> Working eqn
\n" ); document.write( "Remember: \"system%28F=FutureSavings%2CP=Principal%2Ci=Interest%2Cm=Compounded%2Cn=years%29\"
\n" ); document.write( "a) \"m=1\", compounded annually
\n" ); document.write( "\"F=760000%281%2B0.05%29%5E5\"
\n" ); document.write( "\"F=760000%281.2762816%29\"
\n" ); document.write( "\"F=969973.99\"
\n" ); document.write( "Total Interest: \"F-P=969973.99-760000\"=$209,973.99, Answer
\n" ); document.write( ".
\n" ); document.write( "b) \"m=365\", compounded continuosly/daily
\n" ); document.write( "\"F=760000%281%2B%280.05%2F365%29%29%5E%285%2A365%29\"
\n" ); document.write( "\"F=760000%281.000137%29%5E1825\"
\n" ); document.write( "\"F=975842.61\"
\n" ); document.write( "Total Interest: \"F-P=975842.61-760000\"=$215,842.61, Answer
\n" ); document.write( ".
\n" ); document.write( "Thank you,
\n" ); document.write( "Jojo
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