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Find the interest earned on a $50,000 deposited for six years at 4 1/8% interest, compounded continuously. (please help me I have until this Thurs. to turn in answer please show me the steps ☺️ if possible thanks ❣️)​

Sagot :

Shemasumaamzaidn

Answer:

$275.00

Step-by-step explanation:

I= P. × T

100×R (

P=Principal ($50,000.00)

T=Time. (6 years)

R=Rate. (1/8%)

l=lnterest. (?)

l= $50,000.00 × 6×1

100. × 8

l= $500.00 ×6

8

l= $62.50 ×6

l= $275.00

Therefore the interest $275.00

the interest earned on a $50,000 deposited for six years at 4 1/8% interest compounded continuously is $14040.97

Given :

Amount $50,000 deposited for six years at 4 1/8% interest, compounded continuously.

Compounded continuously formula is

[tex]A=Pe^{rt}[/tex]

Where P is the initial amount deposited

'r' is the rate of interest

t is the time period

A is the amount after 't' years

Lets find out A using the given information

[tex]A=Pe^{rt}\\P=50000\\r=4\frac{1}{8} =\frac{33}{8} \\[/tex]

Divide by 100 to remove %

[tex]r=0.04125\\t=6[/tex]

Substitute all the values

[tex]A=50000e^{0.04125\cdot \:6}\\A=50000e^{0.2475}\\A=64040.96811.....[/tex]

Now we find out the interest

I=A-P

[tex]Interest = 64040.96811-50000=14040.9681[/tex]

Interest = $14040.97

Learn more : brainly.com/question/13560047

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