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Ingrid deposit $10,000 in an IRA what will be the value of her investment six years if the investment earning 3.2% per year and is compounded continuously
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Ingrid deposit $10,000 in an IRA what will be the value of her investment six years if the investment earning 3.2% per year and is compounded continuously

User Miguel Marques
by
7.6k points

2 Answers

0 votes

Answer:12116.71

Explanation:

User Jakob Olsen
by
8.8k points
5 votes

Answer:

  • $12116.71

Explanation:

Given

  • Deposit = $10000
  • Interest rate = 3.2% PA
  • Interest type = compound
  • Frequency = continuous
  • Time = 6 years

Calculation

  • Total = 10000*e^(rt) = 10000*e^(0.032*6) = $12116.71
User Shevon
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7.8k points
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