Question

How much will $100 grow to if invested at a continuously
compounded interest rate of 12% for 7 years? **(Do not round
intermediate calculations. Round your answer to 2 decimal
places.)**

Future Value =

How much will $100 grow to if invested at a continuously compounded interest rate of 7% for 12 years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Future Value =

Answer #1

a. |
Future Value |
= | P | * | e | ^ | (r*t) |

= | $100.00 | * | 2.71828 | ^ | (0.12*7) | ||

= | $100.00 | * | 2.31637 | ||||

= | $231.64 |
||||||

Working: | |||||||

P | = | Investment amount | = | $100.00 | |||

e | = | Mathematical constant | = | 2.71828 | |||

r | = | rate | = | 12% | |||

t | = | time | = | 7 | |||

b. |
Future Value |
= | P | * | e | ^ | (r*t) |

= | $100.00 | * | 2.71828 | ^ | (0.07*12) | ||

= | $100.00 | * | 2.31637 | ||||

= | $231.64 |
||||||

Working: | |||||||

P | = | Investment amount | = | $100.00 | |||

e | = | Mathematical constant | = | 2.71828 | |||

r | = | rate | = | 7% | |||

t | = | time | = | 12 |

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