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How much would $300 invested at 7% interest compounded continuously be worth after 4 years? Round your answer to the nearest cent.
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3 votes
How much would $300 invested at 7% interest compounded continuously be worth after 4 years? Round your answer to the nearest cent.

User Pbk
by
7.9k points

2 Answers

5 votes
Hi there

The formula of compounded continuously is
A=pe^rt
A future value?
P present value 300
R interest rate 0.07
T time 4 years
E constant

So
A=300×e^(0.07×4)
A=396.9 round your answer to get
A=397

Good luck!
User Marvin Ward Jr
by
9.3k points
0 votes

Answer:$396.93


Explanation:


User TomRavn
by
8.0k points
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