Question

Francis deposits $11,000 in an IRA. What will be the value of his investment in 9 years if the investment is earning 4.1% per year and is compounded continuously?

Answer 1

Answer:

$15,059

Step-by-step explanation:

4.1 x 9 = 36.9

36.9% of 11,000 = 4059

11,000 + 4,059 = 15,059

Answer 2

The value of the investement after 9 years ompounded continuously is .$15792.44

Compound interest

Compound interest is the interest on an amount of money invested

The formula for calculating compound interest is expressed as:

A =P(1+r)^n

Given

P = 11000
r = 4.1% = 0.041

n = 1

t =9 years

Substitute

A = 11000(1+0.041)^9
A = 11000(1.041)^9
A= .$15792.44

Hence the value of the investement after 9 years ompounded continuously is .$15792.44

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