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Nitella [24]
3 years ago
13

How to solve the problem

Mathematics
1 answer:
e-lub [12.9K]3 years ago
8 0

Answer:

Answer for question (a) is choice C. $129,574,501,848

Answer for question (b) is choice B. $153,274,185,397

Step-by-step explanation:

P = $23

r = 6%

t = 377 years

<u />

<u>If the money were compounded quarterly amount invested would be:</u>

<u />

A = P(1 + \frac{r}{n})^nt

A = $23(1 + \frac{0.06}{4})^4(377)

A = $129,574,501,848

<u>If the money were compounded continuously amount invested would be:</u>

<u />

A = P × e^{rt}

Where (e) is the Euler's constant

A = $23 × e^{0.06(377)}

A = $153,274,185,397

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