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
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