anthony1067 anthony1067
  • 30-05-2024
  • Mathematics
Answered

you deposit 4,500$ in an account that pays 4 oercent annual intrest compounded continuously. what is the balance after 12.5 years



Answer :

jsimpson11000 jsimpson11000
  • 30-05-2024

Answer:

Step-by-step explanation:

Continuous compounding formula

FV = PV  e^it      FV = ??    PV = $ 4500   i = .04    t = 12.5 yrs

Plug in the given numbers:

FV = 4500 e^(.04 * 12.5) = $ 7419.25

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