Question

How much would $900 be worth after 13 years, if it were invested at 3% interest compounded continuously? (Use the formula below and round your answer to the nearest cent.)

Answer 1

$351.00

Explanation:

P is the principal amount, $900.00.

r is the interest rate, 3.00% per year, or in decimal form, 3.00/100=0.03.

t is the time involved, 13....year time periods.

So, t is 13....year time periods.

To find the simple interest, we multiply 900 × 0.03 × 13 to get the the answer.

Cheers mate!