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Use the formula below to find the value of $1300 invested at 4.2% interest compounded continuously for 5 years 9 months. Round your final answer to the nearst hundred or cent and show your work
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Nov 18, 2018
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Use the formula below to find the value of $1300 invested at 4.2% interest compounded continuously for 5 years 9 months. Round your final answer to the nearst hundred or cent and show your work
Mathematics
high-school
Vicente Romero
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Hi there
The formula of compounded continuously is
A=pe^rt
A future value?
P present value 1300
E constant
R interest rate 0.042
T time 5years+9/12=5+9/12=5.75years
So
A=1,300×e^(0.042×5.75)
A=1,655.10 round your answer to get
A=1655
Good luck!
Snowpotatoe
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Nov 22, 2018
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