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Sever21 [200]
3 years ago
9

Connor borrows $8,000 at a rate of 19% interest per year. What is the amount due at the end of 7 years if the interest is compou

nded continuously?
$14,576.95
$29,215.37
$30,248.35
$43,791.58

Which one is it and how did you get it?
Mathematics
1 answer:
tatuchka [14]3 years ago
8 0

Answer:

\$30,248.35  

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

A=P(e)^{rt}  

where  

A is the Final Amount due  

P is the amount of money borrowed

r is the rate of interest in decimal  

t is Number of Time Periods  

e is the mathematical constant number

we have  

t=7\ years\\ P=\$8,000\\ r=19\%=19/100=0.19  

substitute in the formula above  

A=8,000(e)^{0.19*7}  

A=8,000(e)^{1.33}  

A=\$30,248.35  

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