FlybynightSavings.com is offering a savings account that pays 29% compounded continuously. How much interest would a deposit of

Question

anyanavicka [17]

2 years ago

15

FlybynightSavings.com is offering a savings account that pays 29% compounded continuously. How much interest would a deposit of

$4,000 earn over 10 years?

Mathematics

1 answer:

lilavasa [31] · Answer 1 · 2022-08-07T13:50:40+03:00

lilavasa [31]2 years ago

8 0

If that is really supposed to be 29% then
Total = Principal * e^(rate*years)
Total = 4,000 * e^(.29*10)
Total = 4,000 * 18.1741453605 
Total = 72,696.58