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InsanelyChaotic

  • 2 years ago

If $535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years?

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  1. InsanelyChaotic
    • 2 years ago
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    my answer is $973.38

  2. kelly226
    • 2 years ago
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    F = Pe^rt = 535e^(0.06*18) = $1575.40

  3. InsanelyChaotic
    • 2 years ago
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    thank you!!!!!!!! you ROCK

  4. kelly226
    • 2 years ago
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    lol np:)

  5. InsanelyChaotic
    • 2 years ago
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    wait, would i do that x ten though?

  6. InsanelyChaotic
    • 2 years ago
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    my options: $1307.12 $974.83 $973.38 $403.43

  7. kelly226
    • 2 years ago
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    ummm... well if u did X ten what would u get?

  8. kelly226
    • 2 years ago
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    oohh waait....

  9. InsanelyChaotic
    • 2 years ago
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    it would have to be a lower number, given the answer choices

  10. kelly226
    • 2 years ago
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    yea.. actually i think its $973.38..

  11. InsanelyChaotic
    • 2 years ago
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    perhaps. thank you:)

  12. kelly226
    • 2 years ago
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    Since the compounding is continuous, the base must e. A=Pert, so A = 535e (.06)(10) which is $974.83 :)

  13. InsanelyChaotic
    • 2 years ago
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    thank you!!!!!!!!!!

  14. kelly226
    • 2 years ago
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    your welcome:)

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