Question

if $650 is invested at an interest rate of 7% per year and is compounded continiously, how much will the investment be wortj in 12 years? use the continuous compound interest formula: A=Pe^rt​

Answer 1

`~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$650\\ r=rate\to 7\%\to (7)/(100)\dotfill &0.07\\ t=years\dotfill &12 \end{cases} \\\\\\ A=650e^(0.07\cdot12)\implies A=650e^(0.84)\implies A\approx 1505.64`