The rate of a continuous money flow starts at $1300 and increases exponentially at 6% per year for 10 years. Find the present value and final amount if interest earned is 8% compounded continuously. The present value is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The final amount is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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The rate of a continuous money flow starts at $1300 and increases exponentially at
6% per year for 10 years. Find the present value and final amount if interest earned is
8% compounded continuously.
The present value is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
The final amount is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:The rate of a continuous money flow starts at $1300 and increases exponentially at 6% per year for 10 years. Find the present value and final amount if interest earned is 8% compounded continuously. The present value is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The final amount is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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