Example Solving Compound Interest Word Problems : Continuously Compounded Interest.
See Other Compound Interest Word Problem Examples solved by the Algebra Word Problem Solver.| A total of $15000 is invested at an annual percentage rate of 8%. Find the balance after 6 years if the interested is compounded continuously. |
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Let A = Final Amount Let P = Principle Let R = Rate Let t = Time Given: P = $15000 Given: r = 8% Given: t = 6 YEARS Find: A rt
A=Pe
0.08*6
A=15000e
0.48
A=15000e
A = $ 24,241.12A = $ 24,241.12 |