Find the compound interest earned by the deposit. Round to the nearest cent.
-$7824 at 4% compounded continuously for 4 years

Name: Find the compound interest earned by the deposit. Round to the nearest cent. -$7824 at 4% compounded continuously for 4 years
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Question

Quizplus · Accepted Answer

The formula for continuously compounded interest is A = Pe^(rt), where P is the principal, r is the rate, and t is the time. Plugging in the values: A = 7824 * e^(0.04*4). The compound interest is A - P, which rounds to $1357.55.

Find the Compound Interest Earned by the Deposit