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3 years ago

How much would $500 invested at 5% interest compounded continuously be worth after 8 years

Mathematics

1 answer:

Zigmanuir [339]3 years ago

7 0

For continuous interest,

Future value = Pe^(rt)

P=present value = $500

e=napien constant=2.7182818284

t=time in years = 8 years

r=annual interest = 0.05

Future value

=500(e^(0.05*8))

=500e^0.4

=745.91 (to the nearest cent)

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