You deposit $5,000 in a acoount that pays 3% interest compunded continuoulsy. How much will your investment be worth in 13.3 years
You deposit $5,000 in a acoount that pays 3% interest compunded continuoulsy. How much will your investment be worth in 13.3 years.
FV = PV x e^(i*t), where i=interest rate, t=number of years(in this case)
FV = 5,000 x e^(0.03*13.3)
FV = 5,000 x e^0.399
FV = 5,000 x 1.4903336......
FV =$7,451.67
