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Change the following percentage to fraction
1 answer:
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Answer:
$19,747.96
Step-by-step explanation:
You are going to want to use the continuous compound interest formula, which is shown below:
<em>A = total</em>
<em>P = principal amount</em>
<em>r = interest rate (decimal)</em>
<em>t = time (years)</em>
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First, lets change 5.5% into a decimal:
5.5% -> -> 0.055
Next, plug in the values into the equation:
After 5 years, you will have $19,747.96