For the following amount at the given interest rate compounded continuously, find (a) the future value after 6 years, (b) the effective rate, and (c) the time to reach $13,000. $5600 at 3.9%
For the following amount at the given interest rate compounded continuously, find (a) the future value after 6 years, (b) the effective rate, and (c) the time to reach $13,000. $5600 at 3.9%
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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For the following amount at the given interest rate compounded continuously, find (a) the future value after 6 years, (b) the effective rate, and (c) the time to reach $13,000.
$5600 at 3.9%
a. The future value after 6 years is approximately $__.
(Do not round until the final answer. Then round to the nearest cent as needed.)
b. The effective rate __%.
(Do not round until the final answer. Then round to two decimal places as needed.
c. The time to reach $13,000 from $5600 at 3.9% compounded continuously is __ years.
(Do not round until the final answer. Then round to two decimal places as needed.)
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