Stan borrows $5,500 at a rate of 12% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously? In your final answer, include your calculations. PLEASE EXPLAIN.
Without compound interest, Stan would earn only $8,800.00. This means that thanks to the power of compound interest Stan will earn an additional $1,191.83 in interest at the end of the 5-year-term.
