Question

Samantha invested $67,000 in an account paying an

interest rate of 3.9% compounded continuously.
Assuming no deposits or withdrawals are made, how
much money, would be in the account after 7 years?

Answer 1

A = $13,116.03

Explanation:

the equation used for compound is A = Pe^rt, where p= principle, r=rate(interest) e=2.71828, and t=time. first convert the rate into a decimal, then plug in the numbers into the equation.

A = 10,000.00(2.71828)^(0.03875)(7)