SOLUTION: if $5500 is invested in a long-term trust fund with an interest rate of 10% compounded continuously, what is the amount of money in the account after 30 years?

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Question 300223: if $5500 is invested in a long-term trust fund with an interest rate of 10% compounded continuously, what is the amount of money in the account after 30 years?
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
if $5500 is invested in a long-term trust fund with an interest rate of 10% compounded continuously, what is the amount of money in the account after 30 years?
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Continuously compound interest formula:
A = Pe^(rt)
A = 5500e^(.10*30)
A = 5500e^3
A = $110,470.45