Suppose an investment earns 3.2% interest compounded continuously. Find the future value of a 5400 investment after 19 years. Round your answer to the nearest cent, if necessary.

Solution

Solution

Amount : 9918.47

Solution steps

Translate the problem into an equation:

A = 5400 e^{0.032 \cdot 19}

5400 e^{0.032 \cdot 19} = 9918.47275 \dots

Round to the nearest hundredth:

9918.47

Amount : 9918.47

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