Find the amount of money accumulated if you invested $10,000 at 5.4% interest for 8 years compounded continuously. round your answer to the nearest penny.

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17-02-2018
Mathematics

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Find the amount of money accumulated if you invested $10,000 at 5.4% interest for 8 years compounded continuously. round your answer to the nearest penny.

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mathmate mathmate · Answer 1 · 2018-02-23T13:58:53+01:00

mathmate mathmate

23-02-2018

present value, P = 10000
interest rate, i = 5.4% continuous
Number of periods, n = 8 years

Future value
[tex]F=Pe^{it}[/tex]
[tex]=10000e^{.054*10}[/tex]
[tex]=17160.07[/tex] to the nearest cent

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