Future value investment
Poseidon deposited 2,747 golden drachmas in a Mount Olympus college savings account to ensure Percy could attend college. It pays 0.04 (percent in decimal form) annual interest. After 11 years, he withdraws the money. How much more money would he have if the claim was continuously compounded versus compounded quarterly?
Correct answer:
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You need to know the following knowledge to solve this word math problem:
- arithmetic
- square (second power, quadratic)
- third power
- exponentiation
- basic functions
- exponential function
Units of physical quantities:
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