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3 November, 06:32

How much would $300 invested at 7% interest compounded continuously be worth after 4 years? Round your answer to the nearest cent.

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  1. 3 November, 08:19
    0
    Hi there

    The formula of compounded continuously is

    A=pe^rt

    A future value?

    P present value 300

    R interest rate 0.07

    T time 4 years

    E constant

    So

    A=300*e^ (0.07*4)

    A=396.9 round your answer to get

    A=397

    Good luck!
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