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Find the amount in a continuously compounded account for the following condition. Principal, 4000; Annual interest rate, 5.6%; time, 2 years

Solution

Find the amount in a continuously compounded account for the following condition. Principal, 4000; Annual interest rate, 5.6%; time, 2 years

Solution

Amount : 4460.544

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.056}{1})^{1 \cdot 2}

4000 (1 + \frac{0.056}{1})^{1 \cdot 2} = 4460.544

Amount : 4460.544

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