xoxonatahmalisss xoxonatahmalisss
  • 06-03-2017
  • Business
contestada

How much would $500 invested at 8% interest compounded continuously be worth after 3 years? round your answer to the nearest cent?

Respuesta :

nobillionaireNobley
nobillionaireNobley nobillionaireNobley
  • 16-03-2017
Amount of investment after n years at continuous compounding is givent by A = Pe^rn; where P is the initial investment, r is the rate.

Therefore, the value of $500 invested at 8% interest compounded continuously is given by 500e^(0.08 x 3) = 500e^0.24 = 500 x 1.2712 = $635.62
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abbynormal04
abbynormal04 abbynormal04
  • 24-02-2021

Answer:

$635.61

Explanation:

a p e x :))

Answer Link

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