81.9k views
3 votes
how much would 600 invested at 8% interest compounded continuously be worth after 3 years? round your answer to the nearest cent.

User Kenyon
by
7.8k points

1 Answer

5 votes

\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}\\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$600\\ r=rate\to 8\%\to (8)/(100)\to &0.08\\ t=years\to &3 \end{cases} \\\\\\ A=600e^(0.08\cdot 3)\implies A=600e^(0.24)
User WaterFox
by
9.0k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories