Question

use the compound interest formula to determine the final value of the given amount $800 at 11% compounded continuosly for 8 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 & \$800\\ r=rate\to 11\%\to (11)/(100)\dotfill &0.11\\ t=years\dotfill &8 \end{cases} \\\\\\ A = 800e^(0.11\cdot 8)\implies A=800e^(0.88) \implies A \approx 1928.72`