If $560 is invested at an interest rate of 9% per year and is compounded continuously, how much will the investment be worth in
5 years?
Use the continuous compound interest formula A = Pert
1 answer:
Answer:
$878.25
Step-by-step explanation:
Continuously compounded interest is:
A = Pe^(rt)
where A is the final amount, P is the initial amount, r is the interest rate, and t is the number of compoundings.
Here, P = 560, r = 0.09, and t = 5.
A = 560e^(0.09×5)
A = 878.25
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