Question

Ingrid deposit $10,000 in an IRA what will be the value of her investment six years if the investment earning 3.2% per year and is compounded continuously

Answer 1

Answer:

• $12116.71

Step-by-step explanation:

Given

• Deposit = $10000
• Interest rate = 3.2% PA
• Interest type = compound
• Frequency = continuous
• Time = 6 years

Calculation

• Total = 10000*e^(rt) = 10000*e^(0.032*6) = $12116.71