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fenix001 [56]
3 years ago
15

If $396 is invested at an interest rate of 13% per year and is compound continuously, how much will the investment be worth in 3

years?
Mathematics
1 answer:
Sveta_85 [38]3 years ago
7 0

Answer:

The investment at the end of the period will be $584.89.

Step-by-step explanation:

FV = PV e⁽ⁿˣ⁾

FV = Future Value = ?

PV = Present Value = $396

n = Interest Rate = 13%

x = time in years = 3

e = mathematical constant = 2.7183

FV = 396 x 2.7183⁽⁰°¹³ ˣ ³⁾

FV = 396 x 1.4770

FV = $584.89

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