Question

Calculate how much money Carlos has after 4 years if he originally invested $3675 at 8.3% compounded continuously. Use Pe rt, where A is the final amount, P is the original amount deposited, r is the interest rate, and t is the number of years.

Answer 1

$5122.04

Explanation:

Continous interest formula:

`P*e^(rt)`=A

we have

`3675*e^(4*.083)\\3675*1.39375284861\\5122.04171828`

Which rounds to

5122.04