IAmKyanaG IAmKyanaG

04-06-2017
Mathematics

contestada

Nancy borrows $5000 at a rate of 16% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously?

Respuesta :

04-06-2017

[tex]$5000[/tex]x[tex]1.16^{5}[/tex]
=$10501.71. <----- Her final amount due

Answer Link

Aliwohaish12 Aliwohaish12

04-06-2017

Hi there

The formula of the interest of compounded continuously is
A=pe^rt
A=5,000×e^(0.16×5)
A=11,127.70

Hope it helps

Answer Link

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