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25 August, 12:14

How much would $500 invested at 9% interest compounded continuously be worth after 4 years? Round your answer to the nearest cent.

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  1. 25 August, 12:22
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    =705.79

    Step-by-step explanation:

    F=P (1+i) n where F is the Future amount P is the Present amount/Capital i is the interest rate n is the number of periods.

    In this case you have the given as follows:

    P = $500 i = 9% n = 4 years

    Substituting the values to the formula you'll have:

    F=500 (1+0.09) ^4

    =705.79
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