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You deposit $5000 in an account earning 3% interest compounded continuously. How much will you have in the account in 5 years?
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1 vote
You deposit $5000 in an account earning 3% interest compounded continuously. How much will you have in the account in 5 years?

User FattyPotatoes
by
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1 Answer

4 votes

Answer:

$5809.17

Explanation:

Using the formula for continuous compound interest
P(t)=Pe^(rt) We can plug in our values
P(t)=5000e^(0.03*5) and solve.

User ReadyFreddy
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