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Suppose an investment earns 2.4% interest compounded continuously. Find the future value of a 4800 investment after 17 years. Round your answer to the nearest cent, if necessary.

Solution

Solution

Amount : 7218.27

Solution steps

Translate the problem into an equation:

A = 4800 e^{0.024 \cdot 17}

4800 e^{0.024 \cdot 17} = 7218.27437 \dots

Round to the nearest hundredth:

7218.27

Amount : 7218.27

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