Find the compound amount and the amount of interest earned by the following deposit. $2,000 at...
Find the compound amount and the amount of interest earned by the following deposit. $2,000 at 5.41% compounded continuously for 6 years.
What is the compound amount? $ (Round to the nearest cent.)
What is the interest earned?
Homework Answers
Future Value = Present Value * e^(Rate per year*no. of years)
= 2000*e^(.0541*6)
= 2000*e^0.3246
= 2000*1.38347714443
2766.95
interest earned = Future Value - Present Value
= 2766.95-2000
766.95
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