Question

Find the future value using the future value, formula, and calculator

$119,900 at 9.5% compounded continuously for 20 years

Answer 1

`~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$119900\\ r=rate\to 9.5\%\to (9.5)/(100)\dotfill &0.095\\ t=years\dotfill &20 \end{cases} \\\\\\ A = 119900e^(0.095\cdot 20)\implies A=119900e^(1.9) \implies A \approx 801638.74`