3 years ago

Find the value of an investment of $20,000 for 12 years at an annual interest rate of 3.85%

Mathematics

1 answer:

MatroZZZ [7]3 years ago

3 0

Answer:

Step-by-step explanation:

Compound continuously:

FVn = PV x e^rn

where

PV = $20,000

r = 3.85%

n = 12 years

plugin values into the formula:

FV₁₂ = $20,000 x e ⁰°⁰³⁸⁵ ⁽¹²⁾

FV₁₂ = $31,745

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