austin2020jordan
Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

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 appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.