110k views
1 vote
if $396 is invested at an interest rate of 13% per year and is compounded continuously, how much will the investment be worth in 3 years ?

1 Answer

7 votes

Answer:

154.44

Explanation:

What is 13% of 396?

Y is 13% of 396

Equation: Y = P% * X

Solving our equation for Y

Y = P% * X

Y = 13% * 396

Converting percent to decimal:

p = 13%/100 = 0.13

Y = 0.13 * 396

Y = 51.48

Now multiply by 3 (amount of continuous years)

51.48 * 3

=154.44

Hope it helps!

User Lee Hiles
by
8.4k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories