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You invest $2,600 in an account that pays and interest rate of 8.25%, compounded continuously. calculate the balance of your account after 5 years. round your answer to the near…

You invest $2,600 in an account that pays and interest rate of 8.25%, compounded continuously. calculate the balance of your account after 5 years. round your answer to the near…
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You invest $2,600 in an account that pays and interest rate of 8.25%, compounded continuously.

calculate the balance of your account after 5 years. round your answer to the nearest hundredth.

User Laura Paakkinen
by
8.3k points

1 Answer

5 votes
The formula is
A=pe^rt
A future value?
P present value 2600
R interest rate 0.0825
T time 5 years

A=2,600×e^(0.0825×5)
A=3,927.53
User Taylor Glaeser
by
8.0k points
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