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Chapter 5: Q. 14 (page 324)

Find the amount that results from each investment, $400 invested at 7% compounded continuously after a period of 3 years.

Short Answer

Expert verified

The answer is $493.47

Step by step solution

01

Step 1. Given information

The Principal investment,P=$400

The rate of interest is expressed as a decimal,r=7%=7100=0.07

The investment compounded monthly after a period of years,t=3years

02

Step 2. Use Continuous Compounding 

The amount Aafter tyears due to a principal P, invested at an annual interest rate rcompounded continuously is A=Pert.

03

Step 3. Calculation

Substitute the given values in A=Pert

A=$400e0.07脳3A=$400e0.21A=$4001.233A=$493.47

The amount is $493.47

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