Klaus invested $8,000 in a savings account. if the interest rate is 3.45%, how much will be in the account in 15 years by compou

Question

2 years ago

10

nding continuously? round to the nearest cent.

1 answer:

Marta_Voda [28] · Answer 1 · 2023-04-21T19:46:32+03:00

$13,422.62 will be in the account in 15 years by compounding continuously.

<h3>Compound interest rate</h3>

Formula: FV =PV * e^(i*t),

where FV =Future value,

PV=Present Value,

e =Euler’s number,

i =nominal rate per year,

t =Number of years.

Answer:

$13,422.62

that is why

FV =PV * e^(i*t),

A=?

P=$8,000

r=0.0435

t=15 years

A=8,000e0.0345*15

To learn more about Compound interest rate visit the link

#SPJ4