SOLUTION: Find the accumulated amount after 7 years if $4800 is invested at 3%/year compounded continuously. (Round your answer to the nearest cent.)

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Question 1076333: Find the accumulated amount after 7 years if $4800 is invested at 3%/year compounded continuously. (Round your answer to the nearest cent.)
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
Continuous compounding is computed:
FV=P*e^rt
Where FV is future value, P is your principal, e is Euler's number, r is the interest rate, and t is the amount of compounding periods. So:
FV=4800*e^7*.03=4800*e^.21
=4800*1.2336780599567432511313258071563=$5921.65 ☺☺☺☺