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lisapressley2001
lisapressley2001 lisapressley2001
  • 05-01-2017
  • Mathematics
Answered

Suppose you invest $1,500 at an annual interest rate of 5% compounded continuously how much will you have in the account after 4 years?

Verified Answer :

apologiabiology
apologiabiology apologiabiology
  • 05-01-2017

compounded continously is
\(A=Pe^{rt}\)
P=principal
r=rate
t=time

given
P=1500
r=5%=0.05
t=4

\(A=1500e^{(0.05)(4)}\)
\(A=1500e^{0.2}\)
A=1832.104

yu wil have $1832.10

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