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You invest $1400 in an account that pays an interest rate of 5.5% compounded continuously. Calculate the balance of your account after six years round your answer to the nearest hundredth
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You invest $1400 in an account that pays an interest rate of 5.5% compounded continuously. Calculate the balance of your account after six years round your answer to the nearest hundredth

User Hookedonwinter
by
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1 Answer

4 votes
Hi there
The formula is
A=pe^rt
A future value?
P present value 1400
R interest rate 0.055
T time 6 years
E constant
So
A=1,400×e^(0.055×6)
A=1,947.36

Hope it helps
User Jlalcazar
by
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