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Find the accumulated value of an investment of 9000 at 5.5% compounded continuously for 3 years.Question 8 options:

Solution

Find the accumulated value of an investment of 9000 at 5.5% compounded continuously for 3 years.Question 8 options:

Solution

Amount : 10614.54

Solution steps

Translate the problem into an equation:

A = 9000 e^{0.055 \cdot 3}

9000 e^{0.055 \cdot 3} = 10614.53806 \dots

Round to the nearest hundredth:

10614.54

Amount : 10614.54

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