<span>The answer is $4,955.30</span>
Answer:
23/100 or 23/10
Step-by-step explanation:
2.3/1
(2.3 x 10) / (1 x 10) =23/10
find lcm (lowest common multiple) for 23 and 10
1 is the lcm for 23 and 10
23/10 is a simplest fraction for the decimal point number 2.3
So your present value is 7750. this is what you have now. they give you the intesrest rate which is 4% and how the amount of year is 5.
recall the formula for a compounded continously is
P×e^(r×t)
the answer is 7750×e^(.04×5)
