SOLUTION: Suppose that you invest $100 at an annual interest rate of 4.8% compounded continuously. How much will you have in the account after 3 years to the nearest cent?
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Question 390229: Suppose that you invest $100 at an annual interest rate of 4.8% compounded continuously. How much will you have in the account after 3 years to the nearest cent?
Found 2 solutions by Alan3354, MathLover1:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Suppose that you invest $100 at an annual interest rate of 4.8% compounded continuously. How much will you have in the account after 3 years to the nearest cent?
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=
= $115.49
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
Suppose that you invest $ at an annual interest rate of compounded continuously. How much will you have in the account after years to the nearest cent?
= the principle invested
= annual interest rate as a percentage
= the length of the term (investment or loan)
= the amount accumulated after n periods
In the above example, using the formula we get:
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