You have 1500 and want to invest it for the future. bank of westminster has a saving account with an interest rate of 3% compounded yearly, but a local credit union is offering 2% compounded continuously. which account would give you more money if you leave the money in the account for 10 years? how much more? show all calculation and label everything

Principal amount = P = $1500
Time in years = t =10
For annual compounding, interest rate = r = 3% = 0.03
Amount accumulated = A 

Formula for Annual(Yearly) compounding is:



Using the values, we get:



Interest rate for continuous compounding = r = 2% = 0.02

Formula for continuous compounding is:



Using the values, we get:



This means amount accumulated by yearly compounding after 10 years will be $ 2015.87 and amount accumulated by continuous compounding will be $ 1832.40. Therefore the amount with yearly compounding will have more amount by the end of 10th year. The difference in the two amounts will be $183.47. So the yearly compounding will have saved $183.47 more than continuous compounding. 

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