Problema Solution
find the compound amount if compounding is continuous for $1000 at 9% for 20 years?
Answer provided by our tutors
we have
M = P( 1 + i )n
M is the final amount including the principal.
P is the principal amount.
i is the rate of interest per year.
n is the number of years invested.
M = 1000 ( 1 + 9 ) ^2
then M = 5,604.41