SOLUTION: Gretchen invests $6000 at an annual rate of 5.4%. How much is the investment worth after 9 years if the interest is compounded continuously?

Algebra ->  Finance -> SOLUTION: Gretchen invests $6000 at an annual rate of 5.4%. How much is the investment worth after 9 years if the interest is compounded continuously?      Log On


   

Question 1030981: Gretchen invests $6000 at an annual rate of 5.4%. How much is the investment worth after 9 years if the interest is compounded continuously?
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
Interest compounded continuously is found like this...
P%28t%29+=+P%5B0%5De%5E%28rt%29
P%289%29+=+6000e%5E%28.054%2A9%29+=+9754.80