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how much would $500 invested at 5% interest compounded continuously be worth after 8 years? Round your answer to the nearest cent.
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Jan 2, 2019
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how much would $500 invested at 5% interest compounded continuously be worth after 8 years? Round your answer to the nearest cent.
Mathematics
college
Uzsolt
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I've answered the question in the photo, so you can visualise the question better as I've done it step-by-step. Hope this helps!
Sandipan Dey
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Jan 5, 2019
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Sandipan Dey
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Use the formula for continuous compounding:
A = Ce^(r*t), where r is the annual interest rate as a decimal fraction.
Here,
A = $500*e^(0.05*8) = $745.91 (answer)
Korakot
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Jan 9, 2019
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