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vballcutie98 vballcutie98
  • 03-03-2017
  • Mathematics
Answered

You invest $500 in an account with an annual interest rate of 1.1%, compounded continuously. How much money is in the account after 15 years?

Verified Answer :

FallenKnight FallenKnight
  • 03-03-2017

Well if you read the question properly it says annually so take $500 divide it by 100% and times it by 1.1% so that you know what you earn via the interest within 1 year you should get $5.50 then you times that by 15 and the answer is $82.5

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