mvmchristsehudf mvmchristsehudf

Today at 1:58 AM
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

Answer :

JcAlmighty JcAlmighty

Today at 2:03 AM

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

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