Asked Apr 14, 2019

If $400 is invested at an interest rate of 4.5% per year, find the amount of the investment at the end of 14 years for the following compounding method. (Round your answers to the nearest cent.)

(a) Continuously 


Expert Answer

Step 1


Here the principal amount is P = $400, rate of interest r = 4.5%.

Amount after t years which is compounded continuously can be obtain by the formula, A = Pert.

Step 2

Amount after 14 years can be...


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