morganharper101 morganharper101
  • 03-02-2020
  • Mathematics
contestada

It you invest S500 at an annual interest rate of 10% compounded continuously, calculate the final
amount you will have in the account after five years.

Respuesta :

Luv2Teach
Luv2Teach Luv2Teach
  • 03-02-2020

Answer:

Step-by-step explanation:

The formula for continuous compounding is

[tex]A(t)=Pe^{rt}[/tex] where A(t) is the amount after all the compounding is done, P is the initial investment, r is the rate as a decimal, and t is the time in years.  Filling in our info:

[tex]A(t)=500e^{(.1)(5)}[/tex]

First raise e to the product of that power to get

[tex]A(t)=500(1.64872171)[/tex]

Multiply those numbers together to get A(t) = $824.36

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