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3 years ago

What is the total amount for an investment of $1000 invested at 7.25% for 15 years and compound continuously?

Mathematics

1 answer:

Iteru [2.4K]3 years ago

5 0

Answer:

$\$2,966.85$

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

$A=P(e)^{rt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

e is the mathematical constant number

we have

$t=15\ years\\ P=\$1,000\\ r=0.0725$

substitute in the formula above

$A=\$1,000(e)^{0.0725*15}=\$2,966.85$

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3 years ago

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Answer:

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Step-by-step explanation:

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