Answer:
$878.25
Step-by-step explanation:
Continuously compounded interest is:
A = Pe^(rt)
where A is the final amount, P is the initial amount, r is the interest rate, and t is the number of compoundings.
Here, P = 560, r = 0.09, and t = 5.
A = 560e^(0.09×5)
A = 878.25
The investment will be worth $861.63 in 5 years.
Compound interest is the interest that is added to the principal sum and the accumulated interest so far.
The amount invested = $560
rate of interest = 9%
time period = 5 years
We can find the amount including compound interest as shown below:
A = P(1 + r)^t
= 560(1 + 0.09)^5
= 560(1.09)^5
= $861.63
We have found that the amount will be worth $861.63 in 5 years.
If the given amount is invested for 5 years at a 9% interest rate compounded annually, then we would have $861.63 on the date of maturity.
Therefore, we have found that the investment will be worth $861.63 in 5 years.
Learn more about compound interest here: https://brainly.com/question/24924853
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