Complete parts (a) and (b) below.
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Part 1
a. If $30 comma 00030,000 is invested at 55%, compounded annually, find the future value in 1010 years.
$enter your response here
(Simplify your answer. Round to the nearest cent as needed.)
Part 2
b. If $30 comma 00030,000 is invested at 55% interest, compounded continuously, the future value is $49 comma 461.6449,461.64. How does this compare to the result from part (a)?
The amount found with
â–¼
continuous
annual
compounding yields $enter your response here more.
(Round to the nearest cent as needed.)