austin2020jordan
Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Our Q&A platform provides quick and trustworthy answers to your questions from experienced professionals in different areas of expertise. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

You deposit $4000 in an account earning 7% interest compounded continuously. How much will you have in the account in 10 years?

Sagot :

[tex]~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$4000\\ r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\ t=years\dotfill &10 \end{cases} \\\\\\ A=4000e^{0.07\cdot 10}\implies A=4000e^{0.7}\implies A\approx 8055.01[/tex]

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.