You deposit $5000 in an account earning 3% interest compounded continuously. How much will you have in the account in 5 years?

Jasmitha Meka asked Feb 10, 2023

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23 votes

Jasmitha Meka asked Feb 10, 2023

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25 votes

Answer:

$5809.17

Explanation:

Using the formula for continuous compound interest
P(t)=Pe^(rt) We can plug in our values
P(t)=5000e^(0.03*5) and solve.

Maritza answered Feb 15, 2023

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