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Exer. 78: How much money, invested at an interest rate of
Chapter 5, Problem 7(choose chapter or problem)
QUESTION:
Exer. 78: How much money, invested at an interest rate of r% per year compounded continuously, will amount to A dollars after t years?
Questions & Answers
QUESTION:
Exer. 78: How much money, invested at an interest rate of r% per year compounded continuously, will amount to A dollars after t years?
ANSWER:Step 1 of 2
The balance of principal amount P with annual rate of compound interest r after t years is expressed by
(i)
Here, r is in the decimal form.