SOLUTION: Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded continuosly. Do I use 365 and 1/2???? I'm confused.

Algebra ->  Finance -> SOLUTION: Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded continuosly. Do I use 365 and 1/2???? I'm confused.       Log On


   

Question 220941: Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded continuosly. Do I use 365 and 1/2???? I'm confused.
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
12,000*e^rt
12,000*2.7182^(.18^5)
12,000*2.4596=29,515.24 ans.