Math Problem Statement
Using problems 1 through 3, how much more did the account that was compounded continuously earn compared to the account compounded daily?
Solution
To accurately answer your question, I will need the details of problems 1 through 3 that describe the two accounts, their interest rates, principal amounts, and any time period involved. Please provide those details, and I’ll help you calculate how much more the account compounded continuously earned compared to the one compounded daily.
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Math Problem Analysis
Mathematical Concepts
Interest Calculation
Compounded Interest
Exponential Growth
Formulas
Continuously Compounded Interest Formula: A = P * e^(rt)
Daily Compounded Interest Formula: A = P * (1 + r/n)^(nt)
Theorems
Euler's Number and Exponential Growth
Suitable Grade Level
Grades 10-12
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