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Chapter 5: Q. 13 (page 324)

Find the amount that results from each investment, $1000 invested at 11% compounded continuously after a period of 2 years.

Short Answer

Expert verified

The answer is $1246.08

Step by step solution

01

Step 1. Given information

The Principal investment,P=$1000

The rate of interest is expressed as a decimal,r=11%=11100=0.11

The investment compounded monthly after a period of years,t=2years

02

Step 2. Use Continuous Compounding 

The amount Aafter tyears due to a principal P, invested at an annual interest rater compounded continuously isA=Pert

03

Step 3. Calculation

Substitute the given values in A=Pert

role="math" localid="1647105469936" A=$1000e0.11脳2A=$1000e0.22A=$10001.24678A=$1246.08

The amount is $1246.08

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