Question

Asked Apr 14, 2019

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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

Step 1

(a)

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 = Pe ^{rt}*.

Step 2

Amount after 14 years can be...

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