Asked by Anonymous
What will be the amount in an account with initial principal $6000 if interest is compounded continuously at an annual rate of 3.25% for 9 years?
Answers
Answered by
Henry
Pt = Po*e^rt.
r = 3.25% = 0.0325 = APR = Annual % rate expressed as a decimal.
t = 9 yrs.
rt = 0.0325 * 9 = 0.2925.
Pt = $6000*e^0.2925 = $8038.65.
r = 3.25% = 0.0325 = APR = Annual % rate expressed as a decimal.
t = 9 yrs.
rt = 0.0325 * 9 = 0.2925.
Pt = $6000*e^0.2925 = $8038.65.
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