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  • one year ago

Find the total amount of an investment of $5000 at 6% interest compounded continuously for 8 years. Round your answer to the nearest hundredth. Enter the answer as the example: $1234.56

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  1. mathstudent55
    • one year ago
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    Non-continuous compounding: \(\Large F = P\left(1 + \dfrac{r}{n}\right)^{nt}\) F = future value P = present value r = interest rate per period n = number of periods per year t = number of years Continuous compounding: \(\Large F = Pe^{rt} \) F = future value P = present value r = annual interest rate t = number of years

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