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Fern invested $6400 into a continuously compounded account with an interest rate of 1.5%. After 10 years, how much is the account worth

Sagot :

facundobuzzetti

Answer:

FV= $7,435.74

Explanation:

Giving the following information:

Initial investment= $6,400

Interest rate= 1.5%

Number of periods= 10 years

To calculate the value of the account in ten years, we need to use the following formula:

FV= PV*e^(i*n)

FV= 6,400*e^(0.015*10)

FV= $7,435.74

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