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L | If u invest $2,000 in an account with 8% interest compounded continuously, how much will it be worth in 10yrs? |
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 |
 
Lt_Cmdr_USN
 |
4,317.85 if annually
http://www.moneychimp.com/calculator/compound_interest_calculator.htm |
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tiescore
 |
Dang I knew this one! Nickfrom is right... |
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siagnon
|
P(1 + i)^n
Compounded daily: $2,000 (1 + 0.08/365)^365x10 = $4,450.69
Compounded weekly should be $4,448.34
Compounded monthly should be $4,439.28
Compounded annually should be $4317.85
NOTE: Results include Principal + Interest!!!!
Observe - Rule of 72 states that your money approximately doubles in 72/8 = 9 years. (8 is the interest.) So roughly, after 9 years, your $2,000 becomes $4,000! - again principal and interest in there together. |
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nickfromct
|
The formula for continuous compounding is the following:
Pe^rt
where P=the principal amount to invest
e= the natural log value which is 2.7183
r=interest rate
t=time
2000(2.7183)^(08*10)
2000(2.225553)
$4451.11 is the answer. |
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Tina
|
3600
http://www.learningwave.com/lwonline/percent/interest.html |
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CRA
 |
There are many investment calculators out there. Using this one:
http://www.banksite.com/calc/savings.cgi?amt=2000&dep=0&cmp=Daily&int=8.0&yrs=10
Final Savings Balance: $ 4450.69
Initial Investment plus Monthly Contributions: $ 2000.00
Total Interest Earned: $ 2450.69 |
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dunitanime
|
lol compounded continuously??? do u mean monthly? if so it will be $21,200 |
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