TheresaKing TheresaKing

13-05-2022
Mathematics

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sam borrows 5500 at a rate of 12% interest per year what is the amount due at the end of five years if the interest is compounded continuously

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jsimpson11000 jsimpson11000

13-05-2022

Answer:

$ 10 021 . 65

Step-by-step explanation:

The equation for continuous compounding is e^(i * t)

where i = decimal yearly interest t = years

FV = 5500 e^(.12 * 5) = 10 021 .65

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