Suppose an investment earns 3.5% interest compounded continuously. Find the future value of a 4600 investment after 22 years. Round your answer to the nearest cent, if necessary.

Solution

Solution

Amount : 9934.92

Solution steps

Translate the problem into an equation:

A = 4600 e^{0.035 \cdot 22}

4600 e^{0.035 \cdot 22} = 9934.92476 \dots

Round to the nearest hundredth:

9934.92

Amount : 9934.92

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