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March 24, 2017

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When Samuel Pepys, the British diarist, lent his friend Lady Sandwich £100 in 1668, he charged her 6 percent interest. If the loan was due at the end of 1 year, how much would Lady Sandwich have had to pay if interest was (a) compounded annually, (b) compounded semiannually, (c) compounded continuously?

  • Finance - ,

    A(t) = P (1 + r/n)^nt

    here's is the formula
    give it a try
    P = principal
    r = rate
    n = term
    n = 1 for annually
    n = 2 for semiannually

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