Find the value of an investment of $5000 at 7% compounded continuously for 6 years
1 answer:
Answer:
Option 4 is correct
Step-by-step explanation:
If the rate is compounded continuously, the formula used to find the future value is:
A= Pe^rt
Where A = Future Value
P= Principal amount
r = interest rate in decimal
t = time
For the given data:
A=?
P = $5000
r = 7% or 0.07
t = 6
Putting values in the above formula
A= 5000e^(0.07 *6)
A = 7609.81
So, Option 4 is correct.
You might be interested in
Answer:
Rhombus
Step-by-step explanation:
I think so, probably.
Answer:
B:825
Step-by-step explanation:
Hopes this helps:)
$ 9802.9and it said the answer had to be 20 characters long so i wrote this
The answer is 30. You are welcome
the first graph is the answer