How much will $100 grow to if invested at a continuously compounded interest rate of 9% for 7.75 years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
We use the formula:
A=P(e)^rn
where
A=future value
P=present value
r=rate of interest
n=time period.
e=2.71828
A=100*(2.71828)^(0.09*7.75)
=100*2.00872367
=$200.87(Approx).
How much will $100 grow to if invested at a continuously compounded interest rate of 9%...
How much will $100 grow to if invested at a continuously compounded interest rate of 7.75% for 9 years? (Do not round intermediate calculations. Round your answer to 2 decimal places.) How much will $100 grow to if invested at a continuously compounded interest rate of 9% for 7.75 years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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