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Suppose that $2500 is borrowed for four years at an interest rate of 9% per year, compounded continuously. Find the amount owed, assuming no payments are made until the end.

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Answer:

The investment at the end of the period will be $3583.

Step-by-step explanation:

FV = PV e⁽ⁿˣ⁾

FV = Future Value = ?

PV = Present Value = $2500

n = Interest Rate = 9%

x = time in years = 4

e = mathematical constant = 2.7183

FV = 2500 x 2.7183⁽⁰°⁹ ˣ ⁴⁾

FV = 2500 x 1.4333

FV = $3583

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