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A person puts $400.00 into a savings account with 2.4% annual interest rate (computed continuously). The value of such an investment is given by: V=Pe(rt),
A person puts $400.00 into a savings account with 2.4% annual interest rate (computed continuously). The value of such an investment is given by: V=Pe(rt), where P is principal invested, r is the annual interest rate, and t is the number of years receiving interest. How many years are required before the total interest is increased by >$1.00 due to compounding interest? Round up to the nearest whole year. Without compounding, the total interest amount would have been Prt. For convenience, the credit union provided the following table of the exponential function
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