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Chapter 10: Q. 117 (page 1020)

Rochelle deposits $5000in an IRA. What will be the value of her investment in 25years if the investment is earning 8%per year and is compounded continuously?

Short Answer

Expert verified

The value of investment after10years when compounded continuously is,$36945.28.

Step by step solution

01

Step 1 The formula for the compounded continuously is,

A=Pert.

where Ais the new balance.

Pis the principal.

ris the interest rate.

tis the number of years.

02

Step 2 Substitute P=5000,r=0.08,t=25 in the formula.

A=5000e0.08.25=5000e2鈮�36945.28.

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