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Find the amount of money accrued at the end of 5 years when $5000 is deposited in a savings account drawing 5 1 4 % annual interest compounded continuously. (Round your answer to the nearest cent.)

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truonghanhduyen

Answer:

$6,424 .06

Explanation:

Present value (PV): $5,000

Rate: 5.14% per annual

Tenor: 5 years

The amount of money accrued at the end of 5 years is the future value (FV) of investment

FV = PV * (1+rate)^tenor

= $5,000 *(1+5.14%)^5

= $6,424 .06

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