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$1100 are deposited in an account with 5.8% interest rate compounded continuously what is the balance after 22 years
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$1100 are deposited in an account with 5.8% interest rate compounded continuously what is the balance after 22 years

User ROY Finley
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1 Answer

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Explanation:

Continuous compounding rate equation

FV = PV e^(rt) r = decimal interest ( .058) t = years

FV = 1100 e^(.058 * 22) = $ 3940.51

User Capotej
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