SOLUTION: I need the equations to figure out A. $30 invested at 8% compounded continuously after a period of 4 years. I got the answer of $40.81 but it's $40.31. ( need clarification)

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Question 1106447: I need the equations to figure out
A. $30 invested at 8% compounded continuously after a period of 4 years.
I got the answer of $40.81 but it's $40.31. ( need clarification)
B. What rate of interest compounded annually is required to double an investment in 16 years? I got the answer of 4.5% but the answer is 4.43% (need clarification)
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
A. $30 invested at 8% compounded continuously after a period of 4 years.
I got the answer of $40.81 but it's $40.31. ( need clarification)
30*e^(0.08*4) = 41.31
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B. What rate of interest compounded annually is required to double an investment in 16 years? I got the answer of 4.5% but the answer is 4.43% (need clarification)
FV = PV*(1 + r)^16
2 = (1 + r)^16
1+%2B+r+=+root%2816%2C2%29
r+=+root%2816%2C2%29+-+1
r =~ 4.43%