How much would $500 invested at 4% interest compounded continuously be worth after 7 years? round your answer to the nearest cent.

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asked Feb 17, 2017 213k views

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Aralis · Answer 1 · 2017-02-23T05:36:43+0000

Continuously compounding interest formula: F = Pe^(rt)
F = future value
P = present value = 500
r = interest rate = 0.04
t = years = 7

F = 500e^(0.04 * 7)
F = 661.56

How much would $500 invested at 4% interest compounded continuously be worth after 7 years? round your answer to the nearest cent.

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