A bank is loaning $5,000 for 3 years at an interest rate of 7.5 percent.How much additional interest can the bank earn if it compounds interest continuously rather than annually?
A) $61.65
B) $56.67
C) $51.78
D) $50.13
E) $48.89
Correct Answer:
Verified
Q69: Today,you are retiring.You have a total of
Q70: Walt can afford monthly car payments of
Q71: An investment will pay $5,500 every 2
Q72: Suzie just won the lottery! As her
Q73: An investment will pay $1,200 per quarter
Q75: Your parents have been investing $25 a
Q76: Theo just won a prize that will
Q77: Clint just won a prize that will
Q78: An annuity costs $185,000 today and provides
Q79: Martha receives $200 on the first of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents