Question

(calc exponential growth and decay calculus!) a principal amount of $5000 is deposited into an account paying interest at a rate of 6 percent continuously compounded. what will the account balance be after 3 years

Answer 1

Given:

The formula is given as:

`\begin{gathered} P(t)=? \\ P_0=\text{ \$5000} \\ t=3years \\ r=(6)/(100)=0.06 \end{gathered}`
`\begin{gathered} P(t)=5000e^(0.06(3)) \\ P(t)=5986.08681\approx\text{ \$}5986.09 \end{gathered}`

Final answer: