a philanthropist deposits 2,000$, in a trust fund that pays 6.0%interest , compunded continuously. The balance given to the coll
ege from which the has earned interest for 20 years. How much will the college receive? round to the nearest tenth
1 answer:
Answer:
$6414
Step-by-step explanation:
Step one
given
Principal=$2,000
rate= 6%= 0.06
Time= 20 years
Required
The final amount
Step two:
The compound interest formula is
A= P(1+r)^t
substituting we have

The amount given to the college is $6414
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