Determine the balance after 20 years in an account that had an initial investment of $25,000 at 5% interest, compounded continuously
Determine the balance after 20 years in an account that had an initial investment of $25,000 at 5% interest, compounded continuously.
FV=$25,000 x e^(.05*20)
FV=$25,000 x 2.718281828...
FV=$67,957.05
