montaguesara05 montaguesara05

22-08-2021
Mathematics

contestada

how much would $500 invested at 5% interest compounded continuously be worth after 8 years?
a: $700
b:$709.58
c:$745.88
d.$738.73

Respuesta :

Polyblock Polyblock

22-08-2021

Answer:

D

Step-by-step explanation:

We will need to use the compound interest formula:

A = P(1 + r)ⁿ

A = final amount

P = Initial amount

r = rate

n = time applied

Our equation will then look like this

A = 500(1.05)⁸

A = 738.72772

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