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Find the future value and interest earned if 8904.56 is invested for 8 years at 6% compounded continuously.

Solution

Find the future value and interest earned if 8904.56 is invested for 8 years at 6% compounded continuously.

Solution

Amount : 14390.43

Interest : 5485.87

Solution steps

Translate the problem into an equation:

14390.43 = 8904.56 + I

Solve for

I, 14390.43 = 8904.56 + I : I = 5485.87

Amount : 14390.43

Interest : 5485.87

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