How much would $400 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cen

Question

3 years ago

10

t.

2 answers:

Ksenya-84 [330] · Answer 1 · 2022-04-17T14:51:21+03:00

Answer:

Final amount after three years will be $523.46

Step-by-step explanation:

If $400 have been invested at 9% interest compounded continuously for 3 years then we have to calculate the final amount.

Final amount $A=A_{0}(1+r/n)^{nt}$

By putting the values in the formula

$A=400(1+9/1200)^{36}=400(1+.0075)^{36}=400(1.3086)=523.46$

Therefore $523.46 will be the amount after 3 years.

adell [148] · Answer 2 · 2022-04-17T12:41:16+03:00

3 0

<span>In 3 years, you will have $523.97
</span><span>continuously = daily</span>