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7 March, 19:29

You deposit $3000 in an account with an APR 7.5% and continuous compounding. How much will you have after 20 years?

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  1. 7 March, 20:13
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    I = $4,500

    Step-by-step explanation:

    Simple Interest (I) = PRT / 100

    Where:

    P = Principal (Amount deposited) = $3000

    R = Rate = 7.5%

    T = Time = 20 years.

    Simple Interest (I) = PRT / 100

    I = ($3000 * 7.5 * 20) / 100

    I = $450,000 / 100

    I = $4,500.
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