SOLUTION: Suppose that $40000 is invested at 9% interest. Find the amount of money in the account at 7 years if the interest is compounded continuously.

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Question 246661: Suppose that $40000 is invested at 9% interest. Find the amount of money in the account at 7 years if the interest is compounded continuously.
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!

Suppose that $40000 is invested at 9% interest. Find the amount of money in the account at 7 years if the interest is compounded continuously.
.
Plug into the
Continuous compound interest formula:
A+=+Pe%5E%28rt%29
A+=+40000e%5E%28.09%2A7%29
A+=+40000e%5E%28.63%29
A+=+%2475104.42