Question

$1600 at 8% compounded continuously for 7 years

Answer 1

The amount is $2,742.118

Step-by-step explanation:

Given the principal amount (P) is $1600

Rate of interest (r) = 8 years

Time (n) = 7 years

Compound interest is calculated by the formula,

`A=P\left(1+(r)/(100)\right)^(n)`

Substituting the values,

`A=1600(1+(8)/(100))^(7)`

`A=1600 * \left((108)/(100)\right)^(7)`

A = $2,742.118

Therefore, the amount is $2,742.118