SOLUTION: Nickolas puts $25,000 in a savings account, to save for college for his granddaughter, which is continuously compounded at 5.5%. How much money does Nickolas have after 18 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Nickolas puts $25,000 in a savings account, to save for college for his granddaughter, which is continuously compounded at 5.5%. How much money does Nickolas have after 18 years?      Log On

 

Hi

$25,000 continuously compounded at 5.5% for 18yrs

Note:

compounded continuosly 

A = Accumulated Amount

P= principal = $25,000

r= annual rate = .055