Please help me with this question

User Generated

qshragrf358

Mathematics

Description

Suppose you invest $5000 at an annual interest rate of 6.3% compounded continuously. How much will you have in the account after 3 years? Round the solution to the nearest dollar.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

A=p(1+rt)

A=totel money

p=invest money

r-rate

t-time in years

=5000(1+6.3/100*3)

=$5945



Anonymous
Really useful study material!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags