00:01
So you're investing $14 ,000, that's your principal, and we have two rates that we're gonna look at for investing in over four years.
00:13
We have 7 % quarterly, so n is four, and then we have 6 .94%, and that is compounded continuously.
00:30
So let's set up the compound interest formula for the first terms.
00:36
14 ,000, one plus .07, divided by four to the four times four power.
00:46
Let's see how much we're going to have in the account.
00:49
Work inside parentheses, so divide .07 by four, and then add one, raise it to the 16th power, and then multiply by 14 ,000...