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12 October, 13:15

How much would $500 invested at 4% interest compounded continuously be worth after 7 years? Round your answer to the nearest cent.

A. $640.00

B. $648.71

C. $657.97

D. $661.55

Answers (1)
  1. 12 October, 15:10
    The answer is D. $661.55

    A = P * eᵃˣ

    A - the future value

    P - the principal

    a - the rate

    x - the period of time

    We know:

    A = ?

    P = $500

    a = 4% = 4%/100% = 0.04

    x = 7

    A = P * eᵃˣ

    A = 500 * e⁰.⁰⁴*⁷

    A = 661.55
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