you invest $4,100 in an account that pays an interest rate of 8.5%, compound continuously. Calculate the balance of your account
after 17 years. Round your answer to the nearest hundredth.
1 answer:
Answer:
16400$
Step-by-step explanation:
Persent invest value= 4100$
Compound intrest rate=8.5% or 0. 085 (annual)
Time period =17 years
According to compound interest formula
Future valve (fv) =persent value(pv) (1+r)^n
Substitute all values
Fv=4100$(1+0.085)^17
Fv=4100$(1.085)^17
Fv=4100 * 4.00
Fv= 16400 $ answer
You might be interested in
Answer:
False
Step-by-step explanation:
2x+7=30
2x=23
X= 23/2 or 11.5
X does not equal 3, therefore the statement is false
It is.................x+y=5
Answer:
the picture isnt popping up
Answer:
Let the amounts be 2x and 3x.
Then 2x+3x=60
So, 5x=60
So, x=60/5=12
So, amounts are
2x=2*12=24
And 3x=3*12=36
Hope this helps you!
Step-by-step explanation:
