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3 years ago

Suppose you invested $500 at an annual interest rate of 7.1 compounded continuously. How much will you have in the account after

10 years? Please show work.

Mathematics

1 answer:

3241004551 [841]3 years ago

6 0

$\bf \qquad \textit{Continuous Interest Earned Amount}\\\\
A=Pe^{rt}\qquad 
\begin{cases}
A=\textit{compounded amount}\\
P=\textit{original amount deposited}\to& \$500\\
r=rate\to 7.1\%\to \frac{7.1}{100}\to &0.071\\
t=years\to &10
\end{cases}
\\\\\\
A=500e^{0.071\cdot 10}$

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3 years ago

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3 years ago

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