4 years ago

If $3,000,000 is invested at 6% interest compounded continuously, how much

Mathematics

1 answer:

g100num [7]4 years ago

3 0

Answer:

$24,498,509.74

Step-by-step explanation:

The formula for the value as a function of time is ...

V(t) = P·e^(rt)

Filling in the numbers and doing the arithmetic, we have ...

V(35) = 3,000,000·e^(0.06·35) ≈ 24,498,509.74

Compounded continuously for 35 years, the investment will be worth $24,498,509.74.

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