Oliver deposits $6500 in an ira. what will be the value of his investment in 8 years if the investment is earning 4% per year and is compounded continuously

A = $ 8,951.33

Step-by-step explanation:

A = $ 8,951.33

A = P + I where

P (principal) = $ 6,500.00

I (interest) = $ 2,451.33

Formula:

Continuous Compounding Formulas (n → ∞)

Calculate Accrued Amount (Principal + Interest)

A = Pe^rt

Calculate Principal Amount, solve for P

P = A / e^rt

Calculate rate of interest in decimal, solve for r

r = ln(A/P) / t

Calculate rate of interest in percent

R = r * 100

Calculate time, solve for t

t = ln(A/P) / r

A = Accrued Amount (principal + interest)

P = Principal Amount

I = Interest Amount

R = Annual Nominal Interest Rate in percent

r = Annual Nominal Interest Rate as a decimal

r = R/100

t = Time Involved in years, 0.5 years is calculated as 6 months, etc.

n = number of compounding periods per unit t; at the END of each period

Compound Interest Equation

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

answer is

c) 4

step-by-step explanation:

$35.59 in pounds

step-by-step explanation: