How much will $100 grow to if invested at a continuously compounded interest rate of 10% for 8 years?
1 answer:
Answer:
It will grow to $222.55.
Step-by-step explanation:
The formula for continuosly compounded money quantities is:
In which F is the final amount, that is, to how much the money grows, P is the initial deposit, r is the interest rate, as a decimal, and t is the time, in years.
In this problem, we have that:
So
It will grow to $222.55.
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