Using the continuously compounding formula, what would the be the balance if you invest $5500 at a rate of 8% compounded continuously for 6 years? PLEASE SHOW ALL OF YOUR WORK in the space provided.
Continuously compounding formula is given by: A=Pe^(rn) where: A=future value P=principle r=rate n=number of terms From the information given: P=$5500, r=8%, n=6 years thus A=5500e^(0.08×6) A=5500e^(0.48) A=$8888.41 The balance would be $8888.41
