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Suppose that P dollars in principal is invested for t years at the given interest rates with continuous compounding. Determine the amount that the investment
Suppose that P dollars in principal is invested for t years at the given interest rates with continuous compounding. Determine the amount that the investment is worth at the end of the given time period. P=$20,000, t=14 yr EO (a) 3% interest (b) 4% interest (c) 6.5% interest Part 1 of 3 (a) At 3% interest rate, the investment will be worth $ 28400 at the end of 14 yr. Correct Answer: $30,439.23 Part 2 of 3 (b) At 4% interest rate, the investment will be worth $ 30,743.62 at the end of 14 yr. Correct Answer: $35,013.45 Part: 2/3 Part 3 of 3 (c) At 6.5% interest rate, the investment will be worth $ at the end of 14 yr
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