Question

You invest $1,100 in an account that has an annual interest rate of 2.1%, compounded continuously. How much money will be in the account after 7 years? Round your answer to the nearest whole number.

Answer 1

$1100 x 1.021^7 = $1272 (whole number.)

the $1100 is the original amount of money put in the bank with the 1.021 being the interest rate. this was put to the power of 7 to represent the years the money will be in the account.