Question
Present Value Find the present value of each amount.$\$ 25,000$ if interest is 4.6$\%$ compounded continuously for 8 years
Step 1
Step 1: The formula for continuous compounding is given by $S = Pe^{rt}$, where $S$ is the future value, $P$ is the present value, $r$ is the interest rate, and $t$ is the time in years. Show more…
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