Question

Suppose you invest $1700 at an annual interest rate of 8.8% compounded continuously. How much will you have in the account after 7.5 years?

Answer 1

after 7.5 years you will have: 3200.11

The total compound interest is 1,447.56.

Explanation:

`(8.8)/(100) = 0.088\\1700(1+0.088)^(7.5) = 3200.11\\`

Answer 2

After 7.5 years, you will have $3,200.12