Asked by Mike
If $32,500.00 is invested at 6.4% for 30 years, what is the future value if the interest is compounded continuously?
Answers
Answered by
Henry
P = Po*e^rt.
Po = $32,500.00 = Initial investment.
rt = (6.4/100%) * 30yrs. = 1.92.
Plug the above values into the given Eq
and get:
P = $221,681.15.
Po = $32,500.00 = Initial investment.
rt = (6.4/100%) * 30yrs. = 1.92.
Plug the above values into the given Eq
and get:
P = $221,681.15.
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