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Nathaniel invested $2,900 in an account paying an interest rate of 5.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cen…

Nathaniel invested $2,900 in an account paying an interest rate of 5.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cen…
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Nathaniel invested $2,900 in an account paying an interest rate of 5.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

User Bimmy
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1 Answer

6 votes

Explanation:

Continuous compounding formula

FV = PV e^rt plug in the given values

FV = $2900 e^(.054 * 11) = $ 5252.53

User Laseon
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