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3 years ago

7

How much would $100 invested at 6% interest compounded monthly be worth after 20 years? Round your answer to the nearest cent. A

. $220.00 B. $320.71 C. $110.49 D. $331.02

1 answer:

MissTica3 years ago

8 0

Total = 100.00 * (1 + .06/12)^12*20
Total = 100.00 * (1.005)^240
Total = 100.00 * <span> <span> <span> 3.3102044758 </span> </span> </span>
Total = 331.02
Answer is D

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All three series converge, so the answer is D.

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Your bank account is sitting on $14,000. You started with a principal balance of $12,500. If the interest rate was 4.5% compound

Simora [160]

Answer:

$t=2.5\ years$

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 Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

e is the mathematical constant number

we have

$t=?\ years\\ P=\$12,500\\P=\$14,000\\ r=4.5\%=4.5/100=0.045$

substitute in the formula above and solve for t

$14,000=12,500(e)^{0.045t}$

Simplify

$14,000/12,500=(e)^{0.045t}$

$1.12=(e)^{0.045t}$

Apply ln both sides

$ln(1.12)=ln[(e)^{0.045t}]$

$ln(1.12)=(0.045t)ln(e)$

Remember that

$ln(e)=1$

so

$ln(1.12)=(0.045t)$

$t=ln(1.12)/(0.045)$

$t=2.5\ years$

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