If $396 is invested at an interest rate of 13% per year and is compounded continuously, how much will the investment be worth in 3 years?
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Answer:
$ 571.39 - investment be worth in 3 years
Step-by-step explanation:
principle (Amount invested) P = $ 625
Rate of interest R = 13 % per annum
Time (n) = 3 Years
A = Amount after 3 years
A = P (1 + R/100)ⁿ
=> A = 396 ( 1 + 13/100)³
=> A = 396 ( 1.13)³
=> A = 396 * (1.13 * 1.13 * 1.13)
=> A = $ 571.39
=> A = $1406.25
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