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you have $15,000 to invest for 5 years at 5.5% annual interest rate that is compounded continuously. how much money will you have at the end of 5 years?

Answer :

qop

Answer:

$19,747.96

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 5.5% into a decimal:

5.5% -> [tex]\frac{5.5}{100}[/tex] -> 0.055

Next, plug in the values into the equation:

[tex]A=15,000e^{0.055(5)}[/tex]

[tex]A=19,747.96[/tex]

After 5 years, you will have $19,747.96

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