Question

Ruby invested $300 in an account paying an interest rate of 6.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 13 years?

Answer 1

`~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$300\\ r=rate\to 6.1\%\to (6.1)/(100)\dotfill &0.061\\ t=years\dotfill &13 \end{cases} \\\\\\ A=300e^(0.061\cdot 13)\implies A=300e^(0.793)\implies A\approx 700`