What is compounded interest? Is there any formulas?

timer Asked: May 29th, 2015

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%?

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