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If 396 is invested at an interest rate of 13% per year and is compounded continuously, how much will the investment be worth in 3 years?

Solution

If 396 is invested at an interest rate of 13% per year and is compounded continuously, how much will the investment be worth in 3 years?

Solution

Amount : 584.88

Solution steps

Translate the problem into an equation:

A = 396 e^{0.13 \cdot 3}

396 e^{0.13 \cdot 3} = 584.88439 \dots

Round to the nearest hundredth:

584.88

Amount : 584.88

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