Question

what will be the balance in an account that was initially $400 and has been drawing 5.5% interest compounded continuously for 8 years?​

Answer 1

A = $400e^(0.055·8) ≈ $621.08

Explanation:

hope this helps

Answer 2

$613.87

Step-by-step explanation:

First, fortunately for us, there is a formula to calculate the compound interest. It is A=P(1+
`(r)/(n)`)^nt

where A is the amount you will have

P is the principal, or starting, amount

r is the interest rate (decimal)

n is the number of times the amount is compounded per year

t is the time, in years

So, plugging your values into the equation gives us

A=400(1+
`(0.055)/(1)`)^1*8

Simplifying gives us A=613.87