# What is compounded interest? Is there any formulas?

Anonymous

Question description

I have exams coming up next week and they went over this very little.

For example: Jacks's grandfather gave his parents \$500 when he was born. Jack was able to access the money when he turned 21. Assuming continuously compounded interest, approximately how much money would Jack have, if the interest rate was 2.35%?

(Top Tutor) Studypool Tutor
School: UC Berkeley
Studypool has helped 1,244,100 students
flag Report DMCA

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors