Answer:
$809.25
Step-by-step explanation:
You are going to want to use the continuous compound interest formula, which is shown below.
[tex]A = Pe^{rt}[/tex]
A = total
P = principal amount
r = interest rate (decimal)
t = time (years)
First, lets change 9% into a decimal:
9% -> [tex]\frac{9}{100}[/tex] -> 0.09
Lets plug in the values now:
[tex]A=516e^{0.09(5)}[/tex]
[tex]A=809.25[/tex]
The investment will be worth $809.25 after 5 years.
