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Banking Unit
Savings Account: Compound Continuous
Term | Definition |
---|---|
Interest | Money paid or earned for the use of the money |
Principal | The original money saved/borrowed |
Irrational number | A number that cannot be written as a simple fraction. It is a decimal that never repeats and never ends. |
natural base e | a constant, irrational number (~2.718) |
Formula for compounding continuously | A=Pe^rt |
Future Value | Ending amount |