Question

What amount to the nearest cent will an account have after 6 years is $175 is invested at 8% interest compounded continuously

Answer 1

$281.02

Explanation:

P=$175

r=8%=0.08

t=6 years

n=12

A=p(1+r/n)^nt

=175(1+0.08/12)^12×6

=175(1+0.0066)^72

=175(1.0066)^72

=175(1.6058)

=$281.015

Approximately $281.02