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Homework answers / question archive / Continuous compounding For the case in the following? table, find the future value at the end of the deposit? period, assuming that interest is compounded continuously at the given nominal annual rate
Continuous compounding For the case in the following? table, find the future value at the end of the deposit? period, assuming that interest is compounded continuously at the given nominal annual rate. ?(Click on the icon located on the? top-right corner of the data table below in order to copy its contents into a? spreadsheet.)
Amount of initial deposit ?$3,500
Nominal annual rate 11?%
Deposit period (years)13
The future value at the end of the deposit period is ?$??? ?(Round to the nearest? cent.)
Computation of Future Value:
Future Value = Pert
Here,
P = Amount of Initial Deposit = $3,500
r = Nominal Annual Rate = 11%
t = Deposit Period = 13 Years
Future Value = $3,500 * e(11% * 13)
Future Value = $14,625.45
