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how much would $500 invested at 4% interest compounded continuously be worth after 7 years? round your answer to the nearest cent.
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how much would $500 invested at 4% interest compounded continuously be worth after 7 years? round your answer to the nearest cent.

User Pretzelb
by
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2 Answers

3 votes

Answer:

Answer is 661.55 on Apex:)

Explanation:

User Jannes Meyer
by
8.9k points
5 votes
Continuously compounding interest formula: F = Pe^(rt)
F = future value
P = present value = 500
r = interest rate = 0.04
t = years = 7

F = 500e^(0.04 * 7)
F = 661.56
User Aralis
by
9.2k points
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