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Use the formula for continuous compounding with the data from the original example: $10,000 invested at 3% for 1 year. Record the amount to 5 decimal places. Use a calculator.
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Use the formula for continuous compounding with the data from the original example: $10,000 invested at 3% for 1 year. Record the amount to 5 decimal places. Use a calculator.

User Ankit Shubham
by
5.6k points

1 Answer

6 votes

Answer:

$10,304.54534

Explanation:

The compound interest formula is ...

A = Pe^(rt)

Substituting the given values, we get ...

A = $10,000·e^(0.03·1) ≈ $10,304.54534

User Manolosavi
by
5.6k points
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