Ask Question
11 May, 00:31

You deposit $3000 in an account with an APR 7.5% and continuous compounding. How much will you have after 20 years?

+5
Answers (1)
  1. 11 May, 00:52
    0
    I = $4,500

    Step-by-step explanation:

    Simple Interest (I) = PRT / 100

    Where:

    P = Principal (Amount deposited) = $3000

    R = Rate = 7.5%

    T = Time = 20 years.

    Simple Interest (I) = PRT / 100

    I = ($3000 * 7.5 * 20) / 100

    I = $450,000 / 100

    I = $4,500.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You deposit $3000 in an account with an APR 7.5% and continuous compounding. How much will you have after 20 years? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers