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How much would $500 invested at 3% interest compounded continuously be worth after 6 years?round your answer to the nearest cent
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3 votes
How much would $500 invested at 3% interest compounded continuously be worth after 6

years?round your answer to the nearest cent

User HamedH
by
6.1k points

1 Answer

3 votes
Hi there
The formula is
A=pe^rt
A future value?
P present value 500
R interest rate 0.03
T time 6 years
E constant
So
A=500×e^(0.03×6)
A=598.61

Hope it helps
User Toshiba
by
6.3k points
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