SOLUTION: Find the amount that results from the given investment.
$20 invested at 8% compounded continuously after a period of 2 years
After 2 years, the investment results in $?
(rou
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-> SOLUTION: Find the amount that results from the given investment.
$20 invested at 8% compounded continuously after a period of 2 years
After 2 years, the investment results in $?
(rou
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Question 1087539: Find the amount that results from the given investment.
$20 invested at 8% compounded continuously after a period of 2 years
After 2 years, the investment results in $?
(round to the nearest cent as needed) Answer by mathmate(429) (Show Source):
You can put this solution on YOUR website! Question:
Find the amount that results from the given investment.
$20 invested at 8% compounded continuously after a period of 2 years
After 2 years, the investment results in $?
(round to the nearest cent as needed)
Solution:
P=$20=principal
i=8% annual continuous
t=2 years
The accumulated amount is
F=Pe^(it)
Therefore after two years, accumulated amount
F=20*e^(0.08*2)
=20*1.1735
=$23.47
