Question

$1600 at 8% compounded continuously for 7 years

Answer 1

Answer:

The amount is $2,742.118

Explanation:

Given the principal amount (P) is $1600

Rate of interest (r) = 8 years

Time (n) = 7 years

Compound interest is calculated by the formula,

$A=P\left(1+\frac{r}{100}\right)^{n}$

Substituting the values,

$A=1600(1+\frac{8}{100})^{7}$

$A=1600 \times \left(\frac{108}{100}\right)^{7}$

A = $2,742.118

Therefore, the amount is $2,742.118