Question

Suppose you deposit 1000 in account paying 3% annual interest compounded continuously use a equals PERT to find a balance after 10 years

Answer 1

$1349

Explanation:

Given data

Principal= $1000

Rate= 3%

Time= 10years

Applying the formula

A=Pe^rt

where e is the mathematical constant approximated as 2.7183

substitute

A=1000*2.7183^0.03*10

A=1000*2.7183^0.3

A=1000*1.349

A=1349

Hence the final amount after 10 years is

$1349