Use the Formula to Find the Total Amount of Money

question 9

Multiple Choice

Use the formula to find the total amount of money accumulated at the end of the indicated time period by compounding continuously. Please round the answers to the nearest hundredth. $7,000 for 35 years at 13%.

• A) $606,927.99
• B) $529,502.67
• C) $566,096.83
• D) $466,849.94
• E) $592,807.49

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Definitions:

Sales Quantity

The cumulative amount of a product or service's units that are purchased over a specified time frame.

Price Increase

A rise in the cost of goods or services.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price level.

Relatively Inelastic

A situation where the demand for a product does not change significantly with a change in the price.