Chemical Engineering
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A principal amount is charged a nominal annual interest rate of $10 \%$. If the interest rate is compounded continuously, the final amount at the end of the one year would be

  1. higher than the amount obtained when the interest rate is compounded monthly
  2. lower than the amount obtained when the interest rate is compounded annually
  3. equal to $1.365$ times the principal amount
  4. equal to the amount obtained when using an effective interest rate of $27.18 \%$
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