Problema Solution
If you invest $5,250 in an account paying 6.38% compounded continuously, how much money will be in the account at the end of
(A) 6.25 years? (B) 17 years?
Answer provided by our tutors
P = 5,250
i = 0.0638
A. Compounded continuously for 6.25 years:
(5250)e^(0.0638 * 6.25) = $7,822.30
B. Compounded continuously for 17 years:
(5250)e^(0.0638 * 17) = $15,530.85