michellegalvanp
michellegalvanp michellegalvanp
  • 05-03-2018
  • Mathematics
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how much would 500 invested at 4 interest compounded continuously be worth after 7 years round your answer to the nearest cent?

how much would 500 invested at 4 interest compounded continuously be worth after 7 years round your answer to the nearest cent class=

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jdoe0001 jdoe0001
  • 05-03-2018
[tex]\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}\\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$500\\ r=rate\to 4\%\to \frac{4}{100}\to &0.04\\ t=years\to &7 \end{cases} \\\\\\ A=500e^{0.04\cdot 7}\implies A=500e^{0.28}[/tex]
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