HelianaH530549 HelianaH530549

27-10-2022
Mathematics

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Suppose that $3700 is borrowed for seven years at an interest rate of 2.5% per year, compounded continuously. Find the amount owed, assuming nopayments are made until the end.Do not round any intermediate computations, and round your answer to the nearest cent.

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MaycenH490640 MaycenH490640

27-10-2022

Using the formula for continuously compound interest we get:

[tex]M=3700(e)^{0.025\cdot7}=3700e^{0.175}=4407.61[/tex]

Therefore, the total amount owed is $4407.61.

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