SOLUTION: Find the amount when a principal of $5600 is invested at 6.25% annual interest compounded continuously for 5 years and 9 months. The interest equation is A=Pe^rt where P = princip

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: Find the amount when a principal of $5600 is invested at 6.25% annual interest compounded continuously for 5 years and 9 months. The interest equation is A=Pe^rt where P = princip      Log On


   

Question 679152: Find the amount when a principal of $5600 is invested at 6.25% annual interest compounded continuously for 5 years and 9 months. The interest equation is A=Pe^rt where P = principal amount invested for t years at an annual rate r compounded continuously? I have plugged the information into the equation as: A = 5600e^(0.0625)(5), but how do you calculate for 5 years and 9 months? The answer I have for 5 years is $7,654.29. Should I figure out from this amount the monthly rate or is there a different formula I should use? Any help would be appreciated.
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


There are 12 months in a year, so 9 months is 9/12 of a year, which is to say 3/4 of a year, so 5 years and 9 months is 5.75 years.

John

Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it
The Out Campaign: Scarlet Letter of Atheism