contestada

Suppose you invest $500 at an annual interest rate of 8.2% compounded continuously. How much will you have in the account after 15 years?

$1,671.74
$17,028.75
$1,710.61
$8,140.92

Respuesta :

nobillionaireNobley
A = Pe^rn = 500e^(0.082 x 15) = 500e^1.23 = $1,710.61
InesWalston

Answer:

You will have $1710.61 after 15 years.

Step-by-step explanation:

We know that, in case of continuous compounding,

[tex]A=Pe^{rt}[/tex]

where,

A = Future amount

P = Principal = $500

r = rate of interest = 8.2% = 0.082

t = time period = 15 years

Putting all the values,

[tex]A=500e^{0.082\times 15}[/tex]

[tex]=500e^{1.23}[/tex]

[tex]=\$1,710.61[/tex]

Otras preguntas