SOLUTION: Suppose that $1,245.8 is invested at 7.5% compounded continuously. How much is in the account after 16.8 years? Round your answer to the nearest cent.
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Question 1093120: Suppose that $1,245.8 is invested at 7.5% compounded continuously. How much is in the account after 16.8 years? Round your answer to the nearest cent. Answer by greenestamps(13200) (Show Source):
You can put this solution on YOUR website! For continuous compounding, the formula for the amount A after t years at an interest rate r (remember to write it as a decimal!) with a beginning principal of P is
Plug in your given numbers and round as directed.
As a check of your calculation, I can tell you that I got a number between $4300 and $4400....
