Answered

Klaus invested $8,000 in a savings account. if the interest rate is 3.45%, how much will be in the account in 15 years by compounding continuously? round to the nearest cent.

Sagot :

$13,422.62 will be in the account in 15 years by compounding continuously.

Compound interest rate

Formula: FV =PV * e^(i*t),

where FV =Future value,

PV=Present Value,

e =Euler’s number,

i =nominal rate per year,

t =Number of years.

Answer:

$13,422.62

that is why

FV =PV * e^(i*t),

A=?

P=$8,000

r=0.0435

t=15 years

A=8,000e0.0345*15

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