SOLUTION: if $5500 is invested in a long-term trust fund with an interest rate of 10% compounded continuously, what is the amount of money in the account after 30 years?

Question 300223: if $5500 is invested in a long-term trust fund with an interest rate of 10% compounded continuously, what is the amount of money in the account after 30 years?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
if $5500 is invested in a long-term trust fund with an interest rate of 10% compounded continuously, what is the amount of money in the account after 30 years?
.
Continuously compound interest formula:
A = Pe^(rt)
A = 5500e^(.10*30)
A = 5500e^3
A = $110,470.45
RELATED QUESTIONS
If $7000 is invested in a long-term trust fund with an interest rate of 7% compounded... (answered by rfer)

If $8000 isinvested in a long-term trust fund with an interest rate of 9% compounded... (answered by adamchapman)

Find the accumulated amount after 10 yr if $5500 is invested at 3%/year compounded... (answered by stanbon)

A deposit of $1000 is made into a fund with an annual interest rate of 10%. Find the... (answered by stanbon)

A young man is the beneficiary of a trust fund established for him 16 yr ago at his... (answered by Earlsdon)

If 5000 dollars is invested in a bank account at an interest rate of 4 per cent per year, (answered by stanbon)

An investment with interest compounded continuously doubled itself in 10 years. What is... (answered by josgarithmetic)

So if $100 is invested at an interest rate of 8% compounded continuously, then the amount (answered by rfer)

So if $300 is invested at an interest rate of 6% compounded continuously, then the... (answered by solver91311)