What is the compound interest if $42,000 is invested for 5 years at 6% compounded continuously? (Round your answer to the nearest cent.)
Added by Devin M.
Step 1
06 \) (interest rate) \( t = 5 \) years \[ A = $42,000 \times e^{0.06 \times 5} \] \[ A = $42,000 \times e^{0.3} \] \[ A = $42,000 \times 1.34985880758 \] \[ A = $56,694.10 \] Show more…
Show all steps
Close
Your feedback will help us improve your experience
Kathleen Carty and 64 other Precalculus educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
What interest will be earned if $6100 is invested for 4 years at 11% compounded monthly? (Round your answer to the nearest cent.)
Tim T.
what is the compound interest a $45,000 is invested for five years at 8% compounded continuously? (Round your answer to the nearest cent.)
Andrew N.
Find the required annual interest rate to the nearest tenth of a percent for 65,000 dollars to grow to 65,783.91 dollars if interest is compounded monthly for 6 months.
Inverse, Exponential, and Logarithmic Functions
Exponential Functions
Recommended Textbooks
Precalculus with Limits
Precalculus
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD