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If 3500 is invested at an interest rate of 6.25% per year, compounded continuously, find the value of the investment after 4 years

Solution

If 3500 is invested at an interest rate of 6.25% per year, compounded continuously, find the value of the investment after 4 years

Solution

Amount : 4494.09

Solution steps

Translate the problem into an equation:

A = 3500 e^{0.0625 \cdot 4}

3500 e^{0.0625 \cdot 4} = 4494.08895 \dots

Round to the nearest hundredth:

4494.09

Amount : 4494.09

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