SOLUTION: suppose that 4000 is invested at an interest rate of 5.5% per year, compounded continuouly. what is the balance after 8 years?
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Question 302886: suppose that 4000 is invested at an interest rate of 5.5% per year, compounded continuouly. what is the balance after 8 years?
Found 2 solutions by solver91311, stanbon:
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Use
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The rest is calculator work.
John
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
suppose that 4000 is invested at an interest rate of 5.5% per year, compounded continuouly. what is the balance after 8 years?
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A(t) = P*e^(rt)
A(8) = 4000*e^(0.055*8) = $6210.83
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Cheers,
Stan H.
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