SOLUTION: find the value and interest earned if $8906.54 is invested for 9 years at 5% compunded a) semiannually b) continuously I tried A=Pe(rt) P=8906.54 r=5% t=9 but i keep gettin

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: find the value and interest earned if $8906.54 is invested for 9 years at 5% compunded a) semiannually b) continuously I tried A=Pe(rt) P=8906.54 r=5% t=9 but i keep gettin      Log On


   

Question 107016: find the value and interest earned if $8906.54 is invested for 9 years at 5% compunded a) semiannually
b) continuously
I tried A=Pe(rt)
P=8906.54
r=5%
t=9
but i keep getting a figure different from the book
the book says $13,968.24 ; $5061.70 am I using the wrong formula?
Answer by scott8148(6628) About Me  (Show Source):
You can put this solution on YOUR website!
the (rt) is an exponent of e ... A=Pe^(rt)