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
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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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