$200 are deposited in an account with 6% interest rate, compounded continuously. What is the balance after 5 years

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asked Jul 5, 2024 36.6k views

1 Answer

Palaniichuk Dmytro · Answer 1 · 2024-07-09T17:53:15+0000

The formula for compound interest is:
Amount = Principal (1+Rate/100)^(number of years)
Principal =$200 rate=6% Number of years=5
Amount = 200(1+6/100)^5
= 200(106/100)^5
= $268

$200 are deposited in an account with 6% interest rate, compounded continuously. What is the balance after 5 years

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