Suppose you take $5800 and invest it with an 8% interest rate for 16 years compounded continuously, how much money will you have
?
1 answer:
Answer:
$20,860.51
Step-by-step explanation:
The multiplier of the investment is e^(rt), where r is the interest rate and t is the time period. In this case, the balance will be ...
A = 5800·e^(0.08·16) = 5800·e^1.28 ≈ 5800·3.5966397 = 20,860.51
You will have about $20,860.51.
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