Question

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

Answer 1

B. $598.60

Explanation:

Answer 2

`\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}\\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$500\\ r=rate\to 3\%\to (3)/(100)\to &0.03\\ t=years\to &6 \end{cases} \\\\\\ A=500e^(0.03\cdot 6)\implies A=500e^(0.18)\implies A\approx 598.6086815609`