Given a principal of 3700,
an interest rate of 1.5%,
and time of 6
Calculate the Accumulated Value using Continuous Interest
Accumulated Value = Pert where e = 2.718281828459
Accumulated Value = 3700(2.718281828459)0.09
Accumulated Value = 3700 x 1.0941742837052
Total Interest Earned = Accumulated Value - Principal
Total Interest Earned = 4048.44 - 3700
Total Interest Earned = 348.44
Interest per Period = | Interest Earned |
t |
Interest per Period = | 348.44 |
6 |
Interest per period = 58.073333333333