Question

You invested $4,200 into an account that pays an interest rate of 3.5% compounded continuously. What is the balance of your account in 5 years? Use formula

A=P e^rt

Answer 1

$5,003.23

Explanation:

A = P x e^rt

= 4,200 x (e^0.035 x 5 )

= $5,003.23