If $535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years?

$1307.12
$974.83
$973.38
$403.43

Compound Interest can be defined as the interest that is accumulated on a particular sum of money or investment after a given period of time.

The investment will be worth $974.83 in 10 years.

The formula to solve for the amount an investment will be worth if it is compounded continuously is given as:

A = Pe^rt

P = Principal = $535

R = Interest rate = 10%

T = Time in years = 10 years

First, convert R as a percent to r as a decimal

r = R/100

r = 6/100

r = 0.06 rate per year,

Then solve the equation for A

A = Pe^rt

A = 535(2.71828)^(0.06 x10)

A = $974.83

Therefore, the investment will be worth $974.83 in 10 years.

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