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How much would $300 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cent

2 Answers

3 votes

Listen to the other dude. My mind is wierd today

User Quent
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3 votes

Use the formula A = Pe^(r*t).

A = $300*e^(0.09*3) = $392.99.

Step-by-step explanation:

The formula to find the compound amount when it is compounded continuously after x years :- A=Pe^(r*t)

, where P is the principal amount , r is the rate of interest and t is the time period.

Given : Principal Amount : P = $300

Rate of interest : r= 9%=0.09

Time : t =3 years

Now the the compounded amount after 3 years will be :-

A=300e^(0.09x3)=392.98933522~392.99.

User Zircon
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5.4k points