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Katen [24]
3 years ago
5

What is the compound interest if $410 is invested for 13 years at 8% compounded continuously?

Mathematics
1 answer:
neonofarm [45]3 years ago
3 0
Compounded contiously
A=Pe^{rt}
A=future amount
P=present amount
r=rate in decimal
t=time in years

to find the interest, we do A-P
find A first

given
P=410
t=13
r=0.08

A=410e^{13*0.08}
A=410e^{1.04}
aprox
A=1159.97897
A-P=1159.97897-410=749.9789
the interest is $749.98
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