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

asked Mar 1, 2017 56.1k views

3 votes

by Shon

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3 votes

P = 500, r = 4% = 0.04 per year, n = 7 years.

A = P(1 + r)ⁿ

A = 500(1 + 0.04)⁷

A ≈ 500(1.04)⁷ ≈ 657.97

Amount ≈ $ 657.97

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