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parsonsemmagrace parsonsemmagrace
  • 03-06-2024
  • Mathematics
Answered

Find the value of an investment of $20,000 for 14 years at an
annual interest rate of 3.85%
compounded continuously.

Verified Answer :

jsimpson11000 jsimpson11000
  • 03-06-2024

Answer:

Step-by-step explanation:

continuous compounding formula

FV = PV e^(it)

FV = 20 000 e^(.0385 * 14) = $34285.83

Answer Link

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