deliacrawford03 deliacrawford03
  • 21-11-2019
  • Mathematics
contestada

$1600 at 8% compounded continuously for 7 years

Respuesta :

anjalipriya1 anjalipriya1
  • 25-11-2019

Answer:

The amount is $2,742.118

Explanation:

Given the principal amount (P) is $1600

Rate of interest (r) = 8 years

Time (n) = 7 years

Compound interest is calculated by the formula,

[tex]A=P\left(1+\frac{r}{100}\right)^{n}[/tex]

Substituting the values,

[tex]A=1600(1+\frac{8}{100})^{7}[/tex]

[tex]A=1600 \times \left(\frac{108}{100}\right)^{7}[/tex]

A = $2,742.118

Therefore, the amount is $2,742.118

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