Question 744648
i was left an inheritance of 5000.00 and its has accumulated interest at 6% for 33 years how much do i receive?
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You have to spec the compounding period, if any.
compounded annually:
= 5000*1.06^33
= $34202.95
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Compounded monthly:
= 5000*1.005^396
= $36035.49
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Compounded continuously:
= 5000*e^(0.06*33)
= $36213.72 (the max)