Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.
Sagot :
It is given that an amount of $5000 is componded continuously for 8 years at 6.5%.
So the amount is given by the formula:
[tex]A=P(1+\frac{r}{100k})^{kn}[/tex]Where k is the number of compounding periods in a year, r is the annual rate of interest and n is the number of years.
Here:
[tex]r=6.5,k=365,n=8,P=5000[/tex]Substitute the values to get:
[tex]A=5000(1+\frac{6.5}{100\times365})^{365\times8}=8409.7489[/tex]Hence in 8 years the amount will be $8409.7489.
Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.
