Register
Mario opened a savings account and deposited $700.00 as principal. The account earns 6% interest, compounded continuously. What is the balance after 6 years?
106k views
3 votes
Mario opened a savings account and deposited $700.00 as principal. The account earns 6% interest, compounded continuously. What is the balance after 6 years?

User Alborozd
by
5.7k points

1 Answer

7 votes

Answer:

$1003.33

Explanation:

The appropriate formula is ...

A = P·e^(rt)

Filling in the givens, you have ...

A = $700·e^(0.06·6) ≈ $1003.33

User Raz Omessi
by
5.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.6m questions

7.3m answers

Other Questions

What is the value of x? (-4) - x = 5
1/7 + 3/14 equivalent fractions
185g in the ratio 2:3
(3x1,000,000)+(3x100,000)+(2x100) what is this number written in standard form?
The function h = -t2 + 95 models the path of a ball thrown by a boy where h represents height, in feet, and t represents the time, in seconds, that the ball is in the air. Assuming the boy lives at sea
Link Copied!