Question

Susan placed $9900 in a savings account which compounds interest continuously at a rate of 1.9 %. How much will she have in the account after 6 years?

Answer 1

$11095.45

Explanation:

This is a problem in continuous compounding, for which the formula is

P = Ae^rt, r being the annual interest rate as a decimal fraction and t being the time in years. Here we have:

P = $9900e^(0.019)(6) = $11095.45

Answer 2

11095

Explanation:

Rounding to the nearest dollar