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23 July, 01:28

How much would $500 invested at 9% interest compounded continuously be worth after 4 years?

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  1. 23 July, 03:30
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    Asuming the interest rate is 9% per annum, then by using the formula P[1 + (r/100) ]^t

    Where: r = 9%, P = $500, t = 4years

    500*[1 + (9/100) ]^4

    = $705.80 (nearest ten cents)
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