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Helen [10]
3 years ago
5

Use the formula below to find the value of $1300 invested at 4.2% interest compounded continuously for 5 years, 9 months. Round

your final answer to the nearest hundredth, or cent, and show your work. Use e=2.718
Mathematics
1 answer:
miv72 [106K]3 years ago
3 0
Hi there

Part A
The formula is
A=pe^rt
A future value?
P present value 1300
R interest rate 0.042
T time 5 years
A=1,300×e^(0.042×5)
A=1,603.78

Part B
A=pe^rt
A future value?
P present value 1300
R interest rate 0.042
T time 9/12
A=1,300×e^(0.042×(9÷12))
A=1,341.60

Good luck!
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<h3><u>Solution:</u></h3>

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