Question

Find the amount of money accumulated if you invested $10,000 at 5.4% interest for 8 years compounded continuously. round your answer to the nearest penny.

Answer 1

present value, P = 10000
interest rate, i = 5.4% continuous
Number of periods, n = 8 years

Future value
$F=Pe^{it}$
$=10000e^{.054*10}$
$=17160.07$   to the nearest cent