Answer:
$2,225.54
Step-by-step explanation:
Principal, p = $1000
interest rate r = 16% 0r 0.16
years of deposit, t = 5
Finding ending balance below
Since interest compounded continuously,
Substitute the following values
p = $1000, e = exponent, r = 0.16 and t = 5
B = 1000e^((0.16)(5))
=1000e^(0.8)
=1000 X 2.2255409284924676
=2,225.5409284924676
Which B is approximately $2,225.54
Ending balance =$2,225.54
Assuming the amount of $1,000 was invested at an interest rate of 16%, compounded continuously, for a period of five years, what the ending balance will be is: $2,225.54
p represent Principal = $1000
r represent Interest rate= 16% or 0.16
t represent=5 years
Now let determine the ending balance
Ending balance= $1000e^(0.16)(5)
Ending balance=$1000e^(0.8)
Ending balance=$1000 X 2.2255409284924
Ending balance=$2,225.5409284924
Ending balance=$2,225.54 (Approximately)
Inconclusion if the amount of $1,000 was invested at an interest rate of 16%, compounded continuously, for a period of five years, what the ending balance will be is: $2,225.54
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