
Bradford T. answered 03/16/21
MS in Electrical Engineering with 40+ years as an Engineer
For compounded continuously,
A = Pert
For this case,
A = 20000e0.111(10) = 20000(3.037) = $60747.89
Jerry N.
asked 03/16/21Recently, a certain bank offered a 10-year CD that earns 11.1% compounded continuously.
Use the given information to answer the questions.
(a) If $20,000 is invested in this CD, how much will it be worth in 10 years?
approximately $ __________ (Round to the nearest cent.)
Bradford T. answered 03/16/21
MS in Electrical Engineering with 40+ years as an Engineer
For compounded continuously,
A = Pert
For this case,
A = 20000e0.111(10) = 20000(3.037) = $60747.89
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