Question

Anthony has $3750 that he wants to invest. He plans to leave the money there for 9 years. If his investment gets 6.35% interest compounded continuously, how much will he have at the end of 9 years? Round your answer to the nearest whole number?​

Answer 1

`A= P(1+(r)/(n))^(nt)`

P = 3750

r = 6.35% = 0.0635

n = 365

t = 9

`A= 3750(1+(0.0635)/(365) )^(365*9)\\\\`

`= 3750(1+(0.0635)/(365))^(3285) = 6640.63`

Answer = $6641