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?

Question

asked Nov 6, 2020 106k views

1 Answer

Raz Omessi · Answer 1 · 2020-11-11T13:08:24+0000

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