Question

You invest $3900 in an account that pays an interest rate of 8.25% compuonded continuously. Calculate the balance of your account after 17 years.

Answer 1

`\bf \qquad \textit{Continuously Compounding Interest Earned}\\\\ A = Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$3900\\ r=rate\to 8.25\%\to (8.25)/(100)\to &0.0825\\ t=years\to &17 \end{cases} \\\\\\ A=3900e^(0.0825\cdot 17)`