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600 is deposited in an account that pays 7% annual interest,compunded continuosly.what is the balance after 5 years?
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3 votes
600 is deposited in an account that pays 7% annual interest,compunded continuosly.what is the balance after 5 years?

User Christian Bueno
by
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2 Answers

3 votes
Year 1 $642.00
Year 2 $686.94
Year 3 $735.03
Year 4 $786.48
Year 5 $841.53


User Igordc
by
8.4k points
4 votes
Hi there

The formula of compounded continuously is
A=pe^rt
A future value?
P present value 600
R interest rate 0.07
T time 5 years
E constant
So
A=600×e^(0.07×5)
A=851.44

Hope it helps
User Tri Hoang
by
9.1k points
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