Suppose that on January 1, 2018, you buy a bond for $2,000 that will pay interest of 3.6% per year compounded continuously for 2
0 years. You never withdraw any of the interest earned on the bond. (a) What will the bond be worth on January 1, 2038?
1 answer:
Answer: $4108.87
Step-by-step explanation:
Given : Present value : 
The number of time period : 
The rate of interest : 
Let P be the present value of bond .
The formula to calculate the future value is given by :-
Hence, the future value of the bond on January 1, 2038 would be $4108.87 .
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