Question

If $3,000,000 is invested at 6% interest compounded continuously, how much

will the investment be worth in 35 years?

Answer 1

Answer: 24,498,509.74

Explanation:

Ap.ex

Answer 2

$24,498,509.74

Explanation:

The formula for the value as a function of time is ...

V(t) = P·e^(rt)

Filling in the numbers and doing the arithmetic, we have ...

V(35) = 3,000,000·e^(0.06·35) ≈ 24,498,509.74

Compounded continuously for 35 years, the investment will be worth $24,498,509.74.