SOLUTION: Find the amount of money accumulated if you invested $10,000 at 5.4% interest for 8 years compounded continuously. Round your answer to the nearest penny.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Find the amount of money accumulated if you invested $10,000 at 5.4% interest for 8 years compounded continuously. Round your answer to the nearest penny.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 866940: Find the amount of money accumulated if you invested $10,000 at 5.4% interest for 8 years compounded continuously.
Round your answer to the nearest penny.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Find the amount of money accumulated if you invested $10,000 at 5.4% interest for 8 years compounded continuously.
Round your answer to the nearest penny.
-----------
A(t) = P*e^(rt)
-----
A(8) = 10,000*e^(0.054*8) = $15,403.35
--------------------
Cheers,
Stan H.
--------------------