SOLUTION: jack deposited $2,000 at 2.75% interest, compounded continuously when he was 18 years old. How much will be in the account when he is 40 years old if he made no other deposits or w
Algebra ->
Finance
-> SOLUTION: jack deposited $2,000 at 2.75% interest, compounded continuously when he was 18 years old. How much will be in the account when he is 40 years old if he made no other deposits or w
Log On
Question 1027732: jack deposited $2,000 at 2.75% interest, compounded continuously when he was 18 years old. How much will be in the account when he is 40 years old if he made no other deposits or withdrawals? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Continuous compound interest is found by
A = Pe^rt so that
A = (2000)e^(.0275 * 22)
A = $3662.50
