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?
1 answer:
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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