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Chapter 10: Q. 387 (page 1063)

Sayed deposits $20000in an investment account. What will be the value of his investment in 30years if the investment is earning 7%per year and is compounded continuously?

Short Answer

Expert verified

The value of the investment after30years when compounded continuously is$163323.40.

Step by step solution

01

Step 1. Formula used

The formula for the compounded continuously is,

A=Pert.

Here, Ais the new balance.

Pis the principal.

ris the interest rate.

tis the number of years.

02

Step 2. Finding compound continuously.

Here it is given that,

P=20000,r=0.07,t=30.

On substituting in the above formula we get,

A=20000e0.0730=20000e2.1=200008.1661=163323.40

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