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Columbia Corporation deposited $2,000 in an account that pays 12% interest annually. If the interest is compounded continuously, how much money will be in the account at the end of 20 years

Respuesta :

The value of the money after 20 years is $45,103.29.

What is the value of the money after 20 years?

The formula for calculating future value when there is continuous compounding is : A x e^r x N

Where:

  • A= amount
  • e = 2.7182818
  • N = number of years
  • r = interest rate

#$2000 x (2.7182818 ^0.12) x 20 = $45,103.29

To learn more about continuous compounding, please check: https://brainly.com/question/26476328

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