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Answer:
Step-by-step explanation:
Make sure you understand the formula for continuous compounding first. The formula is:
where
A= Total
P= Principal (or the amount invested at beginning)
r= Interest rate (as a decimal)
t= Time (in years)
<em>Note: e is an irrational mathematic number similar to π. Its value is around 2.72, but for these problems, you’ll need to use the version already on your calculator that will be called “</em>.” On most calculators, it can be accessed by 2nd → ln.
Find the values that you are given:
A= What you are looking for
P= 2000
r= 8.5% as a decimal = 0.085
t= What you change
Plug these into the equation:
This is the answer!