Asked by Irina
If 50100 dollars is deposited in an account for 14 years at 5.35 percent compounded continuously , find the average value of the account during the 14 years period.
Answers
Answered by
MathMate
Use
amount = principal * e<sup>rt</sup>
where
principal = initial investment
e=napier's constant=2.7182818284...
r=annual rate of interest
t=time in number of years
Example:
1000$ invested for 3 years at 6%
amount = 1000 * e<sup>0.06*3</sup>
= $1197.22
amount = principal * e<sup>rt</sup>
where
principal = initial investment
e=napier's constant=2.7182818284...
r=annual rate of interest
t=time in number of years
Example:
1000$ invested for 3 years at 6%
amount = 1000 * e<sup>0.06*3</sup>
= $1197.22
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