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2 years ago

11

Connor borrows $8,000 at a rate of 19% interest per year. What is the amount due at the end of 7 years if the interest is compou

nded continuously

1 answer:

Mashutka [201]2 years ago

4 0

The formula for continuous compound interest is given by:

A=P e^(rt) ........... (shown in figure)

here P =$8000

r=0.19

t=7

Plugging the values in given formula we get :

A=8000(e^(0.19*7)

A=$30248.34710....

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