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6 January, 02:20

If the Laffite family deposits $8500 in a savings account at 6.75% interest, compounded continuously, how much will be in the account after 25 years?

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  1. 6 January, 04:08
    0
    With compounded continuously the formula is

    A=pe^rt

    A future value?

    P present value 8500

    R interest rate 0.0675

    T time 25 years

    E constant

    A=8,500*e^ (0.0675*25)

    A=45,950.57
  2. 6 January, 05:44
    0
    P = A (1+i) ⁿ, where A is the initial capital, I = interest rate in% & P the amount after a period of " n " years:

    P = 8500 (1+6.75%) ²⁵

    P = 8500 (1.067) ²⁵

    P = $43,512.7
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