Find the amount of money accumulated if you invested $25,000 at 4.3% interest for 8 years compounded continuously .
1 answer:
The appropriate formula for the accumulated amount (A) for a given principal (P), interest rate (r), and time period (t) is ...
... A = P·e^(rt)
Filling in the given numbers and doing the arithmetic, we get
... A = $25,000·e^(.043·8) ≈ $35,264.46
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