Question

Suppose you invest $1050 at an annual rate of 5.5% compound continuously. How much will you have in the account after 5 years? round the solution to the nearest dollar

Answer 1

Hello

Answer 2

hey anyone know the answer?

Answer 3

A=P(1+r/n)^tn

P = principal amount (the initial amount you borrow or deposit - $1050)
r = annual rate of interest (in decimal - .055)
t = number of years the amount is deposited or borrowed for.
n = number of times the interest is compounded per year

Answer 4

Does that help?

Answer 5

so 1050 (1.055) 5 ?

Answer 6

and from that i got 1373

Answer 7

P=I/RT

Answer 8

You Got it :)

Answer 9

1373? right

Answer 10

Yes, Sir

Answer 11

lol it was wrong