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With compound interest - the balance after 7 years would be 26336.18

Q: If 20000 is invested in a savings account offering 3.5 per year compounded continuously how fast is the balance growing after 7 years (Round your answer to the nearest cent.)?

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Matt will have $2,298.65.

6,209 compounded at 5.2% for 5 years yields 8,000

(1 + .07/4)4x = 3 4x log(1+.07/4) = log(3) x = 0.25 log(3)/log(1.0175) = 15.83 The amount of the original investment doesn't matter. At 7% compounded quarterly, the value passes triple the original amount with the interest payment at the end of the 16th year.

4000 x (1.0610) = $7163.39

Related questions

Five years

There is 936.76

4.0730% compounded daily3.1172% compounded monthly2.0365% compounded daily

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249.88 dollars

Matt will have $2,298.65.

6,209 compounded at 5.2% for 5 years yields 8,000

(1 + .07/4)4x = 3 4x log(1+.07/4) = log(3) x = 0.25 log(3)/log(1.0175) = 15.83 The amount of the original investment doesn't matter. At 7% compounded quarterly, the value passes triple the original amount with the interest payment at the end of the 16th year.

If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83

4000 x (1.0610) = $7163.39

11000*(1.045)^4=$13117.70stop cheating on your math homework

If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.