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Popular >

Find the future value and interest earned if 8704.56 is invested for 8 years at 6% compounded continuously

Solution

Find the future value and interest earned if 8704.56 is invested for 8 years at 6% compounded continuously

Solution

Amount : 14067.22

Interest : 5362.66

Solution steps

Translate the problem into an equation:

14067.22 = 8704.56 + I

Solve for

I, 14067.22 = 8704.56 + I : I = 5362.66

Amount : 14067.22

Interest : 5362.66

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