SOLUTION: How much money will there be in an account at the end of 8 years if $5,000 is deposited at a 5.5% annual rate that is compounded continuously? (Assume no withdrawals made.) The

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: How much money will there be in an account at the end of 8 years if $5,000 is deposited at a 5.5% annual rate that is compounded continuously? (Assume no withdrawals made.) The       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 421268: How much money will there be in an account at the end of 8 years if $5,000 is deposited at a 5.5% annual rate that is compounded continuously? (Assume no withdrawals made.)
The amount after 8 years will be___________.
(Rounded to the nearest cent.)
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=5000(2.7183)^0.055*8
A=5000(2.7183)^0.44
A=5000*1.55271
A=7763.55