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2 years ago

What is the total amount for an investment of $1600 invested at 4.25% for 20 years and compounded continuously?

Mathematics

1 answer:

galina1969 [7]2 years ago

5 0

Answer:

$3743.43

Step-by-step explanation:

The amount is given by the formula ...

A = Pe^(rt)

where P is the principal, r is the annual rate compounded continuously, and t is the number of years. Filling in the values, we get ...

A = $1600·e^(0.0425·20) = $1600·e^0.85

≈ $1600·2.33964685 ≈ $3743.43

The amount in the account will be $3743.43.

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