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Suppose you invest $500 at an annual interest rate of 8.2% compounded continuously. How much will you have in the account after 15 years? (1 point) $1,671.74 $17,028.75 $1,710.61 $8,140.92
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Dec 24, 2019
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Suppose you invest $500 at an annual interest rate of 8.2% compounded continuously. How much will you have in the account after 15 years? (1 point)
$1,671.74
$17,028.75
$1,710.61
$8,140.92
Mathematics
high-school
Mortensen
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Mortensen
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(1.082)^15(500)=$ 1,630.71. I do not see this figure as an option, but it is the correct response.
DawnSong
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Dec 26, 2019
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The formula to find the amount with principal P, rate of interest r and time t when it is compounded continuously is
A=Pe^(rt)
P=$500 r=8.2% n=15
A=500*e^(0.082*15)
=500*e^1.23
= 1710.61476814
Rounding off to the nearest hundredths, we have
A= $1,710.61
Jay Hacker
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Dec 27, 2019
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