Answered

At Westonci.ca, we connect you with the answers you need, thanks to our active and informed community. Ask your questions and receive accurate answers from professionals with extensive experience in various fields on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

You invest $17,804 in a CD that has a 6.275% annual interest rate, compounded continuously. How much will you have in 25 years?Round to the nearest cent.

Sagot :

Answer:

R = 3.813% per year.

Step-by-step explanation:

  • A = Accrued amount (principal + interest)
  • P = Principal amount
  • r = Annual nominal interest rate as a decimal
  • R = Annual nominal interest rate as a percent
  • r = R/100
  • n = number of compounding periods per unit of time
  • t = time in decimal years; e.g., 6 months is calculated as 0.5 years. Divide your partial year number of months by 12 to get the decimal years.
  • I = Interest amount
  • ln = natural logarithm.
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.