Question

Algebra problem! PLEASE help me!!!

Helen deposited $1200 at 5% interest compounded continuously. After 6 years, how much did she have?

(A) $1619.83
(B) $1560
(C) $2410.26
(D) $1608.11
(E) none of these

I got (D), but got it wrong. Would (A) be the correct answer?

Answer 1

A

Explanation:

X = 1200 × e^(5% × t)

X = 1200 × e(0.05×6)

X = 1200 × e^0.3

X = 1619.830569