Section 6.2: Compound Interest; Geometric Sequences
Periodic compounding: If m is the number of compounding periods per year, then i is the interest rate per period, and APY = 1 + r m m 1 = (1 + i)m 1 (decimal) Continuous compounding: APY = er 1 (decimal) Why is APY useful? Compareing two nominal rates with di erent compounding periods does not give us any useful information. ................
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