Question

What is the compound interest if $410 is invested for 13 years at 8% compounded continuously?

Answer 1

compounded contiously

`A=Pe^(rt)`
A=future amount
P=present amount
r=rate in decimal
t=time in years

to find the interest, we do A-P
find A first

given
P=410
t=13
r=0.08


`A=410e^(13*0.08)`

`A=410e^(1.04)`
aprox
A=1159.97897
A-P=1159.97897-410=749.9789
the interest is $749.98