SOLUTION: I need help finding the accumulated amount after 8 yr if $4200 is invested at 5%/year compounded continuously. (Round your answer to the nearest cent.)
Thank you!
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Thank you!
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Question 671397: I need help finding the accumulated amount after 8 yr if $4200 is invested at 5%/year compounded continuously. (Round your answer to the nearest cent.)
Thank you! Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! need help finding the accumulated amount after 8 yr if $4200 is invested at 5%/year compounded continuously.
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A(t) = P*e^(rt)
A(8) = 4200*e^(0.05*8) = $6265.66
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Cheers,
Stan H.
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