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puteri [66]
3 years ago
6

Suppose you invest $950 at an annual interest rate of 6.5% compounded continuously. How much will you have in your account after

10 years? Round the solution to the nearest dollar.
Mathematics
1 answer:
Kipish [7]3 years ago
4 0
Hey!


Alright to solve this problem we must first know the formula for Continuously Compounded Interest. The formula is A = Pe ^{rt}.

Okay lets see, now we plug in our numbers into the equation.

<em>Created Equation :</em>
A= 950·e ^{(0.065*10)}

<em>Solution {Solution of the Created Equation} :</em>
1819.76

That would be our final answer.

<em>BUT!!</em>

Your question says to round. So, we will round 1819.76 to get our absoulte final answer.

<em>This means</em><span><em> after 10 years you will have about</em>  $1820.00.

Hope this helps!


- Lindsey Frazier ♥</span>
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