SOLUTION: If $1500 is invested at an interest rate of 4.5% per year, compounded continuously, find the value of the investment after the given number of years. (Round your answers to the nea
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Question 978527: If $1500 is invested at an interest rate of 4.5% per year, compounded continuously, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)
(a) 2 years
b. 3 years=
c 12 years= Answer by Cromlix(4381) (Show Source):
You can put this solution on YOUR website! Hi there,
100% + 4.5% = 104.5% =
104.5/100 = 1.045
a) $1500 x 1.045^2
= $1638.04
b) $1500 x 1.045^3
= $1711.75
c) $1500 x 1.045^12
= $2543.82
Hope this helps:-)
