Question

how much would 500 invested at 4 interest compounded continuously be worth after 7 years round your answer to the nearest cent?

Answer 1

`\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}\\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$500\\ r=rate\to 4\%\to (4)/(100)\to &0.04\\ t=years\to &7 \end{cases} \\\\\\ A=500e^(0.04\cdot 7)\implies A=500e^(0.28)`