Find the amount in a continuously compounded account for the following condition. Principal, $5000; Annual interest rate, 5.1%, time, 5 years

Tempy asked May 27, 2023

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37 votes

Find the amount in a continuously compounded account for the following condition.

Principal, $5000; Annual interest rate, 5.1%, time, 5 years

Tempy asked May 27, 2023

by Tempy

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30 votes

Answer:

Below

Explanation:

The formula to use:

FV =PV e^(rt)

FV = 5000 e^(.051 * 5) = 6452.31 dollars

Ben Hayden answered Jun 2, 2023

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