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Marty invests $3,000 in an account that earns 2.6% annual interest compounded continuously. How much money will he have in his account after 7 years?

User Daralthus
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Final answer:

Marty will have approximately $3,266.96 in his account after 7 years.

Step-by-step explanation:

To find the amount of money Marty will have after 7 years, we can use the formula for continuous compound interest: A = P * e^(rt), where A is the final amount, P is the principal amount, e is Euler's number (approximately 2.71828), r is the interest rate, and t is the time in years. Plugging in the given values, we have:

A = 3000 * e^(0.026 * 7)

Calculating this expression, we find that Marty will have approximately $3,266.96 in his account after 7 years.

User Mockingbird
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