Step 1: Review the formula of compound interest final value.F&=(1 + 0.01)^{240}\\\begin{align*}
\begin{align*}\begin{align*}Substituting r = 0.01 and n = 240 into the above formula, we can get:
If it rises by 1% or 2% every day, how much will it increase in 240 trading days a year?Step 1: Review the formula of compound interest final value.Step 2: Substitute data for calculation.
Strategy guide
12-14
Strategy guide 12-14