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Levi invested $8,500 in an account paying an interest rate of 3.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 18 years? |
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Answer» Given : Levi invested $8,500 in an account PAYING an interest rate of 3.4% compounded continuously. Assuming no DEPOSITS or withdrawals are made To Find : how much money, to the nearest ten dollars, would be in the account after 18 years Solation: P = $8,500 R = 3.4 % n = 18 years A = P (1 + R/100)ⁿ Assuming compounded annually A = 8,500 (1 + 3.4/100)¹⁸ => A = 15,516.3 => A = 15520 $ AMOUNT in the account after 18 years = 15520 $ Learn More: Satish invested rs. 14,000 partially in scheme A which offer 20%p.a. ... 1. Find the DIFFERENCE between CI and SI on 5000 for 1 YEAR at 2% pa if the difference between the ci and si for 2 years at 12 percentage ... |
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