If $190 is invested at an interest rate of 11% per year and is compounded continuously, how much will the investment be worth in
2 answers:
You might be interested in
Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
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
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above and solve for P