You loan an associate $25,000 at an annual rate of 8.5% interest compounded continuously. If they pay you back in eighteen months, what is the total they repay?
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The formula for calculating the future value of an investment with continuous compounding is given by \(A = Pe^{rt}\), where: - \(A\) is the amount of money accumulated after n years, including interest. - \(P\) is the principal amount (the initial amount of Show more…
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