Forgot the equation?

The formula for calculating the amount of money returned for an initial deposit into a bank account or CD (certificate of deposit) is given by A=P(1+r\n)^nt

A is the amount of the return.

P is the principal amount initially deposited.

r is the annual interest rate (expressed as a decimal).

n is the number of compound periods in one year.

t is the number of years.

Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.

Suppose you deposit $4,000 for 8 years at a rate of 7%.

A) If a bank compounds continuously, then the formula used is A = Pe^(rt)

where e is a constant and equals approximately 2.7183.

Calculate A with continuous compounding. Round your answer to the hundredth%26#039;s place.

Answer:

Forgot the equation?consolidation loans

4000*e^(8*.07)

= $7002.690001