DeAngeloStokes4049 DeAngeloStokes4049
  • 16-05-2022
  • Mathematics
contestada

Suppose you invest $500 at an annual interest rate
of 3.9% compounded continuously. how much will
you have in the account after 4 years?

Respuesta :

versacci24
versacci24 versacci24
  • 16-05-2022

Answer:

$584.41

Step-by-step explanation:

From this information, we can write the following equation:

[tex]P = 500(e)^{0.039t[/tex] where t is the number of years.

To find out the amount after 4 years, we can simply plug in 4 for t:

[tex]P = 500(e)^{0.039(4))\\[/tex]

≈ $584.41

Answer Link
emilyalderman2568
emilyalderman2568 emilyalderman2568
  • 16-05-2022

Answer:

$584.41

Step-by-step explanation:

From this information, we can write the following equation:

where t is the number of years.

To find out the amount after 4 years, we can simply plug in 4 for t:

≈ $584.41

Answer Link

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