Question

9. Suppose you invest $2000 at an annual interest rate of 5.1% compounded continuously. How much will you have in the account after 3 years? Round the solution to the nearest dollar. $2453 $2324 $2443 $2331

Answer 1

The answer is $2453 hope it helps

Answer 2

Answer: Fourth option is correct.

Explanation:

Since we have given that

Principal amount = $2000

Rate of interest = 5.1% compounded continuously

Number of years = 3 years.

As we know the formula for Compound interest when rate is compounded continuously :

`Amount=Pe^(rn)\\\\Amount=2000e^{(5.1)/(100)* 3}\\\\Amount-2000e^(0.051* 3)\\\\Amount=\$2330.64\\\\Amount=\$2331`

Hence, Fourth option is correct.