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InsanelyChaotic Group Title

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?

  • one year ago
  • one year ago

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  1. InsanelyChaotic Group Title
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    my answer is $973.38

    • one year ago
  2. kelly226 Group Title
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    F = Pe^rt = 535e^(0.06*18) = $1575.40

    • one year ago
  3. InsanelyChaotic Group Title
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    thank you!!!!!!!! you ROCK

    • one year ago
  4. kelly226 Group Title
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    lol np:)

    • one year ago
  5. InsanelyChaotic Group Title
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    wait, would i do that x ten though?

    • one year ago
  6. InsanelyChaotic Group Title
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    my options: $1307.12 $974.83 $973.38 $403.43

    • one year ago
  7. kelly226 Group Title
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    ummm... well if u did X ten what would u get?

    • one year ago
  8. kelly226 Group Title
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    oohh waait....

    • one year ago
  9. InsanelyChaotic Group Title
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    it would have to be a lower number, given the answer choices

    • one year ago
  10. kelly226 Group Title
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    yea.. actually i think its $973.38..

    • one year ago
  11. InsanelyChaotic Group Title
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    perhaps. thank you:)

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

    • one year ago
  13. InsanelyChaotic Group Title
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    thank you!!!!!!!!!!

    • one year ago
  14. kelly226 Group Title
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    your welcome:)

    • one year ago
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