bewellplus.gsu.edu
mvmchristsehudf
mvmchristsehudf mvmchristsehudf
  • 24-12-2016
  • Mathematics
Answered

How much would $500 invested at 4% interest compounded continuously be worth after 7 years? Round your answer to the nearest cent.

A$640.00
B$648.71
C$657.97
D$661.55

Verified Answer :

JcAlmighty
JcAlmighty JcAlmighty
  • 26-12-2016

The answer is D. $661.55

A = P * eᵃˣ
A - the future value
P - the principal
a - the rate
x - the period of time

We know:
A = ?
P = $500
a = 4% = 4%/100% = 0.04
x = 7

A = P eᵃˣ
A = 500 e⁰.⁰⁴*⁷
A = 661.55

Answer Link

Related Questions

Factor each expression9 amp 10
Find the length and width of the rectangle The perimeter of the rectangle is 130 meters and the length of the rectangle is 15 meters more than the width
Y9x9 Y9 How do u solve dis
Which statement is supported by the map
Which of the following substances would be the softest CuO SiC C25H52 Zn
Which kind of complement is the underlined word Raymond gave us two tickets for the game A direct object Bindirect object the underlined word is us
Given the following sequence find the 50th term 12 14 16 18 2
emlilio bought 565 pounds of green grapes and 307 pounds of red grapeshe divided the grapes equally into 16 bagsif each bag of grapes has the same weighthow muc
Sara wants to buy a book for 1695 and a magazine for 450 About how much will he need to buy the items without having to round round to the nearest benchmark 15
what number is the same as 2 tens and 8 ones