Math Problem Statement

What is the compound interest if $45,000 is invested for 15 years at 8% compounded continuously? (Round your answer to the nearest cent.)

Solution

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Math Problem Analysis

Mathematical Concepts

Exponential Growth
Continuous Compounding
Compound Interest

Formulas

A = Pe^(rt)

Theorems

Exponential Growth Formula for Continuous Compounding

Suitable Grade Level

Grades 11-12