If $500 were to compound continuously at a yearly interest
rate of 7%, what would the total
amount be after 10 years?
$[?]
Round your answer to the nearest hundredth.

Total amount: $1,006.88

Step-by-step explanation:

Given the principal amount of $500 that is compounded continuously for 10 years at an annual interest rate of 7%:

We can use the following Continuous Compound Interest Formula to determine the future value of the total amount of investment:

where:

A = The future value of the total amount in the account at the end of "t" number of years

P = Present value of the principal amount invested = $500

e = constant (base of the exponential function) ≈ 2.71828

r = Annual interest rate = 7% or 0.07

t = time (in years)  = 10 years

Substitute the given values into the  Continuous Compound Interest Formula:

Therefore, the total amount accumulated after continuously compounding the principal investment for 10 years is $1,006.88. This includes the principal amount invested, $500, plus the interest accrued of $506.88.  

dd

step-by-step explanation:

dd

i think 5 miles per hour

step-by-step explanation: