SOLUTION: Invested 12,000 at an annual interest rate of 9% compounded continuously. How much is his money worth at the end of 5 years?

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Question 782141: Invested 12,000 at an annual interest rate of 9% compounded continuously. How much is his money worth at the end of 5 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Invested 12,000 at an annual interest rate of 9% compounded continuously. How much is his money worth at the end of 5 years?
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A(t) = P*e^(rt)
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A(5) = 12000*e^(0.09*5)
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= 12000*1.5683
= $18,819.75
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Cheers,
Stan H.
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