Find the compound amount and compound interest if 2500 is invested for seven years and interest is compounded continuously at the annual rate 7 3/4 %

Solution

Find the compound amount and compound interest if 2500 is invested for seven years and interest is compounded continuously at the annual rate 7\frac{3}{4}%

Solution

Amount : 4300.76

Interest : 1800.76

Solution steps

Translate the problem into an equation:

4300.76 = 2500 + I

Solve for

I, 4300.76 = 2500 + I : I = 1800.76

Amount : 4300.76

Interest : 1800.76

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Find the compound amount and compound interest if ​2500 is invested for seven years and interest is compounded continuously at the annual rate 7 3/4 %

Solution

Solution

Popular Examples

Find the compound amount and compound interest if 2500 is invested for seven years and interest is compounded continuously at the annual rate 7 3/4 %