Stan borrows $5,500 at a rate of 12% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously? In your final answer, include your calculations.

Question

Boo Boo

Mathematics

22 February, 10:09

Stan borrows $5,500 at a rate of 12% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously? In your final answer, include your calculations.

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Braylon Mann · Answer 1

So we divide 5500 by 100 to get one percent. Then, multiply the interest per uear by the number of years to make 60. Then multiply the one percent (55) by 160 (the amount due) and you get your answer - 8800.