Answered

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If $42265.45 is invested at 5.5% for 4 years, find the future value if the interest is compounded continuously. Write the answer without the dollar sign and round to the nearest cents.

Sagot :

sqdancefan

Answer:

  52665.43

Step-by-step explanation:

You want the future value of an investment of $42265 that earns 5.5% interest compounded continuously for 4 years.

Value

The future value is given by the formula ...

  [tex]A=Pe^{rt}[/tex]

where P is invested at rate r for t years.

The value of the investment here is ...

  [tex]A=42265e^{0.055\cdot4}\approx52665.43[/tex]

The future value of the account is $52,665.43.

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