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How much would $500 invested at 4% compounded continuously be worth after 7 years

User Daughter
by
5.6k points

2 Answers

4 votes

you will use the formula I=PRT

500*0.04*7=140


after 7 years it will be 640

User Nikhil Borad
by
5.1k points
3 votes

661.56

To find this, use the equation A = Pe^rt.

A being the final answer, P being principle or initial, r being rate, and t being time.

Set it up as so: A = 500e^.04x7

Once put into the calculator, it should pop out the answer as given above.

Hope this helps!

User Pfleidi
by
5.1k points