Question

You invest $1500 in a bank account that has a 3% annual interest rate, compounded continuously. How much will you have in 15 years?

Answer 1

We use the formula:
Total = Principal * e ^ (rate * years)
Total = 1,500 * e ^ (.03 * 15)
Total = 1,500 * e ^ .45
Total = 1,500 * 1.5683121854
Total = 2,352.47