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elixir [45]
1 year ago
10

Aaron invested $740 in an account paying an interest rate of 5%

Mathematics
1 answer:
vlada-n [284]1 year ago
8 0

The amount of money   Justin would have in his account than Aaron, to the nearest dollar is $0

What is the future value formula for continuous compounding cash flow?

The future value, which is used to determine the worth of this investment of $740 made now in 18 years is as shown below:

FV=PV*e^(rt)

FV=the worth of the investment in 18 years=unknown

PV=the amount invested today=$740

e=mathematical exponential value=2.7182818

r=rate of interest which compounded continuously=5%

t=time of investment in years=18

FV=$740*2.7182818^(5%*18)

FV=$740*2.7182818^(0.90)

FV=$740*2.459603087981220

FV=$1,820.11

Justin:

FV=PV*(1+r/m)^(n*m)

PV=$740

r=5%

m=number of times in a year that interest is compounded=365

m=number of years=18

FV=$740*(1+5%/365)^(18*365)

FV=$1,819.99

difference=$1,820.11-$1,819.99

difference=$0.12($0 to the nearest dollar)

Find out more about continuous compounding on:brainly.com/question/23136156

#SPJ1

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<h3>You have the correct answer</h3><h3>Interest rate = 21.5%</h3>

===============================================

Work Shown:

i = P*r*t .... simple interest formula

i = simple interest

i = 2075-1000 = 1075

P = 1000 = amount borrowed (principal)

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t = 5 = time in years

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i = P*r*t

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