Use Exponential Models in Applications In the following exercises, solve. Sayed deposits $20,000 in an investment account. What will be the value of his investment in 30 years if the investment is earning 7% per year and is compounded continuously?

Wierzycaz

Wierzycaz

Answered question

2021-01-15

Use Exponential Models in Applications
In the following exercises, solve.
Sayed deposits $20,000 in an investment account. What will be the value of his investment in 30 years if the investment is earning 7% per year and is compounded continuously?

Answer & Explanation

izboknil3

izboknil3

Skilled2021-01-16Added 99 answers

For compound continuously,
amount
A=Pert
where
r is rate
t is time in years
p is initial investment
Given
P=$20,000
t=30yrs
r=7%=0.07
Amount A=20,000e0.0730
=20,000e2.1
=$163,323.39

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