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Popular >

Find the future value and interest earned if 8704.56 is invested for 7 years at 5% compounded continuously

Solution

Find the future value and interest earned if 8704.56 is invested for 7 years at 5% compounded continuously

Solution

Amount : 12352.36

Interest : 3647.8

Solution steps

Translate the problem into an equation:

12352.36 = 8704.56 + I

Solve for

I, 12352.36 = 8704.56 + I : I = 3647.8

Amount : 12352.36

Interest : 3647.8

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