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Sagot :
Answer:
7.5% compounded continuously yields the greatest return after 9 years
Step-by-step explanation:
Compounded interest = P(1+r/n)^(nt), where P is the principle, r is the rate of interest, n is the number of times compounded annually, and t is the time of the investment.
7.6% compounded semiannually:
I = 11000(1+0.076/2)^(2*9) --> 11000(1.038)^18 ~ $21525.09
7.5% compounded continuously:
Since it is compounded continuously, we use the mathematical constant e.
I = 11000e = $29901.01
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