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3 years ago

10

Find the future value and interest earned if $8906.54 is invested for 9 years at 6% compounded continuously

1 answer:

dalvyx [7]3 years ago

4 0

To find the future value the formula is
A=p e^rt
A future value?
P present value 8906.54
R interest rate 0.06
T time 9 years
E constant
A=8,906.54×e^(0.06×9)
A=15,283.68

To find the interest earned the formula is
I=A-p
I=15,283.68−8,906.54
I=6,377.14

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