Hello,
Does this exercise look correct?
10. Rebecca goes to a bank with $2000 she has saved over the summer. The bank advertises a 3% interest rate when opening a savings account. The bank compounds the money daily with an exponential formula of A(t) = Pe^rt, where P represents the initial amount deposited, e is Euler's constant (approximately 2.71828), r is the rate in decimal form, and t is the total time. Rebecca wants to know how much money will be in her savings account after 10 years.
P = 2000
e = Euler's constant (2.71828)
r = 0.03
t = 10
A(t) = Pe^rt
A(10) = 2000 * 2.71828^ 0.03*10
A(10) = 2000 * 2.71828^ 0.3
A(10) = 2699.71707036 ≈ $2700