Question

10. If you deposited $3,258 at 3.6% interest, compounded continuously, what would your ending balance be after 3

years?

Answer 1

`~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$3258\\ r=rate\to 3.6\%\to (3.6)/(100)\dotfill &0.036\\ t=years\dotfill &3 \end{cases} \\\\\\ A = 3258e^(0.036\cdot 3) \implies A=3258e^(0.108)\implies A \approx 3629.57`