SOLUTION: Find the amount when a principal of $5600 is invested at 6.25% annual interest compounded continuously for 5 years and 9 months. The interest equation is A=Pe^rt where P = princip
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Question 679152: Find the amount when a principal of $5600 is invested at 6.25% annual interest compounded continuously for 5 years and 9 months. The interest equation is A=Pe^rt where P = principal amount invested for t years at an annual rate r compounded continuously? I have plugged the information into the equation as: A = 5600e^(0.0625)(5), but how do you calculate for 5 years and 9 months? The answer I have for 5 years is $7,654.29. Should I figure out from this amount the monthly rate or is there a different formula I should use? Any help would be appreciated.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
There are 12 months in a year, so 9 months is 9/12 of a year, which is to say 3/4 of a year, so 5 years and 9 months is 5.75 years.
John
Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it
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