ListenSuppose that $500 is invested at an annual interest rate of 5.6%. Find the finalamount of the investment after 10 years for interest compounded continuously. Besure to show all work to receive full credit.

Answer is $875.34. explanation is in the below box. If you have any doubts at anywhere in the…

Answered: Listen Suppose that $500 is invested at…

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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Similar questions

At what monthly compounded interest rate does it take five years for an investment to quadruple?
Please don't provide handwriting solution. Jane invest R8000 at an annual interest rate of 6% continuously compounded annually. how much will her investment be worth after 5 years
Assume the cost of bread is 1 dollar. Use continuous compounding to find the time it would take for the cost of bread to triple at an inflation rate of 6% yearly. (tenths)
Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $6000 deposit in an account with an APR of 3.4%. The balance in the account after 1 year is approximately $6207.51. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 7111.83. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 11,843.27. (Round to the nearest cent as needed.) The APY for the account is approximately 3.46 % (Round to two decimal places as needed.)

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Listen Suppose that $500 is invested at an annual interest rate of 5.6%. Find the final amount of the investment after 10 years for interest compounded continuously. Be sure to show all work to receive full credit.