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How much would $500 invested at 3% interest compounded continuously be worth after 6 years? Round your answer to the nearest cent. A.$590.00B.$597.03C.$593.22D.$598.60

How much would 500 invested at 3 interest compounded continuously be worth after 6 years Round your answer to the nearest cent A59000B59703C59322D59860 class=

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SOLUTION:

The yeild of an investment compounded continuousy is;

[tex]A=Pe^{rt}[/tex]

r = 0.03, P = 500, t = 6;

[tex]\begin{gathered} A=500e^{(0.03\times6)} \\ A=\text{ \$}598.60 \end{gathered}[/tex]

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