luciooo luciooo

14-12-2020
Mathematics

contestada

Landon invested $110 in an account paying an interest rate of 4.1% compounded
continuously. Assuming no deposits or withdrawals are made, how much money, to
the nearest hundred dollars, would be in the account after 5 years?

Respuesta :

andromache andromache

19-12-2020

Answer:

the amount after 5 years using compound continuously is $135.03

Step-by-step explanation:

The computation of the amount after 5 years using compound continuously is as follows

= Principal × e^(rate × time period)

= $110 × e^(4.2% × 5)

= $110 × 1.227525065

= $135.03

Hence, the amount after 5 years using compound continuously is $135.03

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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