SOLUTION: Find the value of $5,800 deposited into a bank at 1.7% interest compounded continuously for 9 years. Please help! Thank you!

Question 199299: Find the value of $5,800 deposited into a bank at 1.7% interest compounded continuously for 9 years.

Please help!
Thank you!
Answer by Edwin McCravy(20063) (Show Source): You can put this solution on YOUR website!
Find the value of $5,800 deposited into a bank at 1.7% interest compounded continuously for 9 years.


The formula is



Where A = the starting value, which in this case is 5800
      P = the ending value, which is what we are to find
      r = the annual rate expressed as a decimal, which in this case is .017
      t = the number of years, which in this case is 9







Rounding to the nearest penney:

 P = $6758.88

Edwin

RELATED QUESTIONS
If 5000 dollars is invested in a bank account at an interest rate of 4 per cent per year, (answered by stanbon)
If $500 is deposited into the bank and the interest rate is at 7% compounded... (answered by Fombitz)
$800 is deposited in an account with a 9% interest rate, compounded continuously. what is (answered by ikleyn)
Please help me solve this problem. A bank account earning continuously compounded... (answered by stanbon)
please help, I don't know how to do this: find the value of $2500 invested at 4.5% annual (answered by rfer)
Financial Mathematics A. An amount of 2340 pesos is deposited in a bank paying an... (answered by VFBundy)
Use the compound interest formulas A = P(1 + r/n)^nt and A = Pe^rt to solve. Find the... (answered by mananth)
You deposit $800 in an account that pays 5 1/2% annual interest compounded continuously.... (answered by ikleyn)
Find the amount to which $3700 will grow if deposited in a bank at 5.29% interest... (answered by Fombitz)