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If 3500 is invested at an interest rate of 8.25% per year, compounded continuously, find the value of the investment after 2 years

Solution

If 3500 is invested at an interest rate of 8.25% per year, compounded continuously, find the value of the investment after 2 years

Solution

Amount : 4127.88

Solution steps

Translate the problem into an equation:

A = 3500 e^{0.0825 \cdot 2}

3500 e^{0.0825 \cdot 2} = 4127.87591 \dots

Round to the nearest hundredth:

4127.88

Amount : 4127.88

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