Question

Jamie invested 800 at 8.2% annual interest compounded continuously. What is the final amount of her investment after 20 years?

Answer 1

compounded continuosly? Are you sure it's not annually?

Answer 2

well its simple formula
=800*0.082*20

Answer 3

It is compounded continuously.

Answer 4

I=P r T ........ P priceinitial , r rate in and T time ..
r is given in percentage .. divivded it by 100

Answer 5

I failed. I got way too low of a number.

Answer 6

so =800*0.082*20
=1312

Answer 7

Yay but the options are all bigger than that.

Answer 8

A. 3869.32
B. 4124.14
C. 4356.63
D. 4409.87

Answer 9

http://math.about.com/od/businessmath/ss/Interest.htm
you should take help from here man

Answer 10

A = P(1 + r)n

Answer 11

\[C.I.=P(1+ \frac{ r }{ 100 })^{T}\]

Answer 12

where p= principle
r= rate of interest per annum
and T= time in years

Answer 13

is it .082 or 8.2?

Answer 14

800*(1.082)^20
3869

Answer 15

Thanks

Answer 16

so it is 3869.32

Answer 17

Thanks to you both. You have saved me for finals tomorrow. :)

Answer 18

you're welcome..:)

Answer 19

What about if 3,000 at 8.2% annual interest is compounded montly? How much would the investment be after 15 years?

Answer 20

\[C.I.= P(1+\frac{ \frac{ r }{ m } }{ 100 })^{mT}\]
where P,r and T are same as in first question
and m is no. of time periods in one year.

Answer 21

for yearly m=1
for half yearly m=2
for quarterly, m=3
for monthly, m=12
for 2 yearly m=1/2
for t yearly m=1/t

Answer 22

So what would that end up as?