Question

Suppose you invest $2000 at an annual interest rate of 8.2% compounded continuously. How much will you have in the account after 10 years

Answer 1

$3,640

Explanation:

8.2% as a decimal is 0.082. multiply 2000 by 0.082, and you get your interest rate/the interest you pay each year, which would be 162. multiply 162 by ten to get your interest for all ten years, since 162 was simply the rate, and you get 1,640. add the original 2000 onto that, and you get 3,640.