Httpalexusidn
Answered

Find detailed and accurate answers to your questions on IDNLearn.com. Our experts provide timely and accurate responses to help you navigate any topic or issue with confidence.

How much money needa to be deposited now into an account to obtain 9,000 in 7 years if the interest rate is 8% per year compounded continuously?


Sagot :

Answer:

P: the principal, the amount invested

A: the new balance

t: the time

r: the rate, (in decimal form)

Step-by-step explanation:

Ex1: If $1000 is invested now with simple interest of 8% per year. Find the new amount after two years.

P = $1000, t = 2 years, r = 0.08.

A = 1000(1+0.08(2)) = 1000(1.16) = 1160

We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thanks for visiting IDNLearn.com. We’re dedicated to providing clear answers, so visit us again for more helpful information.