Question: For the following amount at the given interest rate compounded continuously, find (a) the future value after 5 years, (b) the interest earned, and (c)

 For the following amount at the given interest rate compounded continuously,

For the following amount at the given interest rate compounded continuously, find (a) the future value after 5 years, (b) the interest earned, and (c) the time to reach $17,000. $5300 at 3.6% a. The future value after 5 years is approximately $. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The interest earned is. (Do not round until the final answer. Then round to the nearest cent as needed.) c. The time to reach $17,000 from $5300 at 3.6% is years. (Do not round until the final answer. Then round to three decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!