Question

Suppose that $7,000 is invested at an interest rate of 6%, compounded continuously. Find the amount in the account after five years if no withdrawals are made

Answer 1

9100 is the answer to this problem

Answer 2

9100

Explanation:

I=Prt

I=7,000(.06)5

I=420(5)

I=2,100

2,100+7,000=9,100