30 March, 18:58
How much would sophie have in her account at the end of 10 years if she deposit $2,000 into the account today if she earned 8 percent interest and interest is compounded continuously?
30 March, 20:29
To calculate the amount that Sophie will have at the end of 10 years given that she deposited $2000 that earns a rate of 8% will be given by:
A=P (1+r/100) ^n
from our question;
A=2000 (1+8/100) ^10
A=2000 (1+0.08) ^10
A=2000 (1.08) ^10
Therefore at the end of 10 years Sophie will have $4,317.85
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