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Popular >

Find the future value and interest earned if 8706.54 is invested for 8 years at 4% compounded continuously

Solution

Find the future value and interest earned if 8706.54 is invested for 8 years at 4% compounded continuously

Solution

Amount : 11990.02

Interest : 3283.48

Solution steps

Translate the problem into an equation:

11990.02 = 8706.54 + I

Solve for

I, 11990.02 = 8706.54 + I : I = 3283.48

Amount : 11990.02

Interest : 3283.48

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