Question

Find the amount of money accumulated after investing a principle P for years t at interest rate r, compounded continuously. P = $3,200 r = 8% t = 4

Answer 1

The accumulated amount would be $4,353.56

Explanation:

r= 0.08

A= 3, 200(1+0.08)^4

= 3,200(1.08)^4

= $4,353.56