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Mike V
Mike V asked in Science & MathematicsMathematics · 10 years ago

Algebra: Continuously Compounded Interest Problem help?

An investment of $6,000 earns 6% interest, compounded continuously. What will the investment be worth in 45 years?

I used formula: A=Pe^(rt) but still can't seem to get it right according to Webassign.

Can anyone please help me solve this problem?

4 Answers

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  • Anonymous
    10 years ago
    Favorite Answer

    1: r x t

    2: p x result of 1

    3: result 2 x p

  • Steve
    Lv 7
    10 years ago

    A = P*e^(rt) = 6000*e^(.06*45) = 6000*14.87973

    A = $89278.39

    If you got this answer, it is correct.

    Webassign is wrong

    The answer directly above is for compounding only once per year.

  • Guillermo
    Lv 7
    10 years ago

    FV = PV*(1 + i)^t

    FV = 6000*(1 + 0.06)^45

    FV = $82587.67, answer!

  • Anonymous
    10 years ago

    this will help:

    www.googlehammer.com

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