emfastback9703 emfastback9703

21-06-2022
Mathematics

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How much money invested at 7% compounded continuously for 6 years will yield $500?

remember: a = pe^rt

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adityakoka2007 adityakoka2007

21-06-2022

Answer:

$328.52

Step-by-step explanation:

let p = x, t = 6 years and r = 0.07. now the formula is x*e^0.42 = 500. e^0.42 is approx. 1.522. divide 500 by that to get about $328.52

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