Question

Mika placed $4200 in a savings account which compounds interest continuously at a rate of 2.3%. How much will she have in the account after 3 years? Round to the nearest dollar.

Answer 1

$4,500

Explanation:

4,200e^3(.023)

Answer 2

290

Explanation:

4200 x 2.3 x 3

P x r x t = I.

$100 x 5 percent x 1 year = $5.

$100 x .05 x 1 year = $5.

so 4200 x 2.3 x 3 =289.8 or 290 for you