SOLUTION: I have a couple questions that I need help with please. How much would $500 invested at 8% interest compounded continuously be worth after 15 year, rounded to the nearest cent?

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Question 591727: I have a couple questions that I need help with please.
How much would $500 invested at 8% interest compounded continuously be worth after 15 year, rounded to the nearest cent?
How much would $500 invested at 5% interest compounded monthly be worth after 7 years? round your answer to the nearest cent.
Thank you for your time.
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




is the future value

is the initial investment

is the base of the natural logarithms

is the interest rate as a decimal

is the number of years

Plug in your values and do the arithmetic:



Get out your calculator and get to punching buttons.

John

My calculator said it, I believe it, that settles it
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