Find the compound amount and the amount of interest earned by the following deposit. $3.000 at 6.59% compounded continuously for 9 years.
What is the compound amount?
What is the interest earned?
Future Value = Present Value * e^(Rate per year*no. of years)
= 3000*e^(.0659*9)
= 3000*e^0.5931
= 3000*1.80958945661
= 5428.77
interest earned = Future Value - Present Value
= 5428.77-3000
= 2428.77
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