If you invest $6,000 today in an account at an annual interest rate of 7% compounded...
If you invest $6,000 today in an account at an annual interest rate of 7% compounded continuously, what would you have in the account at the end of 6 years? DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER. ROUND ANSWER TO THE NEAREST CENT (2 Decimals). LIST THE NUMBER AS A POSITIVE NUMBER.
Homework Answers
At continuously compounded rate,
FV = (PV)ert
Future Value at the end of Year 6 = (6,000)e0.07(6)
Future Value at the end of Year 6 = $9,131.77
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an account at an interest rate r compounded conltinuously, then the amount A (caled the future value of P) in the account t years from now wil be A P Solving the equation for P, we get PrAcft, In this formulation, Pis called the present value of the investment. (a) Find the present value of $400,000 at 6% compounded continuously for 25 years (b) Find the interest rate compounded continuously that is needed to have $40,000 be the present value...
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