\end{align*}Substituting r = 0.01 and n = 240 into the above formula, we can get:Step 2: Substitute data for calculation.
Step 1: Review the formula of compound interest final value.1.01 {240} \ approximate 10.8926 is calculated by a calculator.
If it rises by 1% or 2% every day, how much will it increase in 240 trading days a year?Step 2: Substitute data for calculation.
Strategy guide 12-13
Strategy guide 12-13