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You invest, $3,100 in an account that pays an interest rate of 6.5%, compounded continuously. calculate the balance of your account after 16 years.

You invest, $3,100 in an account that pays an interest rate of 6.5%, compounded continuously. calculate the balance of your account after 16 years.
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4 votes
You invest, $3,100 in an account that pays an interest rate of 6.5%, compounded continuously. calculate the balance of your account after 16 years.

User Martin Hierholzer
by
7.4k points

1 Answer

4 votes
A=3,100×e^(0.065×16)
A=8,770.57
User Martynas
by
8.3k points
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