SOLUTION: If $8000 isinvested in a long-term trust fund with an interest rate of 9% compounded continously, what is the amount of money in the account after 20 years?
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Question 44963: If $8000 isinvested in a long-term trust fund with an interest rate of 9% compounded continously, what is the amount of money in the account after 20 years? Answer by adamchapman(301) (Show Source):
You can put this solution on YOUR website! Use
where:
x = amount after interest has been calculated
a = starting amount
i = interest rate = 0.09
t = time (in years)= 20
So
Which gives the solution x=$44835.29 to the nearest cent.
I hope this helps.
P.S. I am trying to start up my own homework help website. I would be extremely grateful if you would e-mail me some feedback on the help you received to adam.chapman@student.manchester.ac.uk
Adam
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