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continuously compounded interest?
What would the the amount of a savings account be if the initial investment was 12,000 with an account that continuously compounded at a rate of 6.3013%?
I got 28,230.68 but that the wrong answer
Sorry for 14 years
1 Answer
- jgouldenLv 71 decade agoFavorite Answer
For continuously compounded interest, remember "PERT"
A = Pe^-rt
You have
Principal P = 12,000
interest rate r = .063013
Plug in the time (which you don't provide) to find the final amount A.
