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3 years ago

Use the continuous compound interest formula to find the indicated value

Mathematics

1 answer:

Ede4ka [16]3 years ago

3 0

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}\\\\
A=Pe^{rt}\qquad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to& \$7000\\
r=rate\to 5.05\%\to \frac{5.05}{100}\to &0.0505\\
t=years\to &5
\end{cases}
\\\\\\
A=7000e^{0.0505\cdot 5}\implies A=7000e^{0.2525}$

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