SOLUTION: Suppose that 2000.00 is invested at the rate of 6% per year compounded continuosly. What is the balance after 1year ? after 2years?
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Question 117056: Suppose that 2000.00 is invested at the rate of 6% per year compounded continuosly. What is the balance after 1year ? after 2years?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
I=PeRT
I=2,000*2.718*.06*1
I=$326.16 IS THE INTEREST ON A $2,000 INVESTMENT 2 A 6% RATE COMPOUNDED CONTINUOUSLY.
AFTER 2 YEARS WE GET
I=2,000*2.718*.06*2
I=$652.32 FOR THE 2 YEAR INVESTMENT.
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