Question 1026138: Find the amount in an account where $1100 is invested at 4% compounded continuously for a period of 6 years Found 2 solutions by Cromlix, MathTherapy:Answer by Cromlix(4381) (Show Source):
You can put this solution on YOUR website! Hi there,
I'm assuming the amount is compounded yearly.
100% + 4% = 104%
104% = 104/100 = 1.04
1.04^6 = compounding at 4% for 6 years
$1100 x 1.04^6 = $1391.85
Hope this helps :-)
You can put this solution on YOUR website!
Find the amount in an account where $1100 is invested at 4% compounded continuously for a period of 6 years
Use the continuous compounding formula: , where:
A = accumulated, or future value, after t years
P = initial amount invested
e = 2.7182818......
You should get an accumulated or future value of:
