Question

Find the amount in an account if $7,000 is invested and is compounded continuously for 5 years at a 2% interest rate

Answer 1

(See attached formula)
("e" = 2.718281828)
Total = principal * e ^ (rate * years)
Total = 7,000 * e^(.02*5)
Total = 7,000 * 2.718281828^.1
Total = 7,000 * 1.1051709181
Total = 7,736.20