Question

Suppose you invest $7500 at an annual interest rate of 4.2% compounded continuously. How much will you have in the account after 2 years? Round the solution to the nearest dollar. Suppose you invest $500 at an annual interest rate of 7.1% compounded continuously. How much will you have in the account after 4 years? Round the solution to the nearest dollar..

Answer 1

Interest=principle x rate x time (in years)
so putting values so
Interest=7500 (.042)(2)
so
Interest=630 7500+630=8130
Interest=500 (.071)(4)
Interest=142 500+142=64
hope it helps