To save for a new car, Trafton invested $5,000 in a savings account that earns 1.5% interest, compounded continuously. After four years, he wants to buy a used car for $6,000. How much money will he need to pay in addition to what is in his savings account?

Respuesta :

Answer:

$693.18

Step-by-step explanation:

FV=PV(1+i)^n

FV=5000(1+0.015)^4

FV=$5306.82

Addition money he need to pay

6000-5306.82=$693.18