Question

How much would $500 invested at 3% interest compounded continuously be worth after 6

years?round your answer to the nearest cent

Answer 1

Hi there
The formula is
A=pe^rt
A future value?
P present value 500
R interest rate 0.03
T time 6 years
E constant
So
A=500×e^(0.03×6)
A=598.61

Hope it helps