In going through some old belongings of his ancestors, Mr. Rakib found papers indicating that they sold several acres in the town of Chittagong in 1720 for $ 22. If they had invested this money at 4.5 percent compounded continuously, how much would it amount to in the year 1995?
In going through some old belongings of his ancestors, Mr. Rakib found papers indicating that they sold several acres in the town of Chittagong in 1720 for $ 22. If they had invested this money at 4.5 percent compounded continuously, how much would it amount to in the year 1995?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Question
In going through some old belongings of his ancestors, Mr. Rakib found papers indicating that they sold several acres in the town of Chittagong in 1720 for $ 22. If they had invested this money at 4.5 percent compounded
continuously, how much would it amount to in the year 1995?
Expert Solution
Step 1
Amount invested in year 1720 is: P = $22
Interest Rate: r = 4.5%
Step by step
Solved in 2 steps
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