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Nancy borrows $5000 at a rate of 16% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously?
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Nancy borrows $5000 at a rate of 16% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously?

User Mark Ursino
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1 Answer

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Hi there

The formula of the interest of compounded continuously is
A=pe^rt
A=5,000×e^(0.16×5)
A=11,127.70

Hope it helps
User Kensley
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