find the balance if $21,000 is invested at an annual interest rate of 5.7% for 10yrs, compounded continously??

Question

i have a brain freeze tonight... I am coming up with 29,208????

Answer 1

$36,556.88 if it is compounded once a year.

$37,083.53 if it is compounded 12 times a year.

Depends.

Sorry (missed continously)

For continuously compunded interest, you're looking at $37,133.60

Answer 2

P is the principal (the initial amount you borrow or deposit)

r is the annual rate of interest (percentage)

n is the number of years the amount is deposited or borrowed for.

A is the amount of money accumulated after n years, including interest.

When the interest is compounded once a year:

A = P(1 + r)^n
A=21000(1+.057)^10
A=21000(1.057)^10
A=21000*1.75
A=36556.88 $

Answer 3

The formula for continuously compounded interest is:

FV = Pe^(Yr)

Where P is the initial amount invested, Y is the number of years, and r is the annual rate.

So

FV = $21,000e^(10*0.057) = $37,133.61

Answer 4

Interest rate (i) = 5.7% for 10 yrs
Time (t)= 10 yrs
Capital ou balance (B)
A = amount

A = B(1 + i)^t
A = 21,000(1 + 0,057)¹º
A = 21,000(1,057)¹º
A = 21,000*1,714
A = $ 36,556,88
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