Question

You invest $1,600 in an account that pays an interest rate of 6.5%, compounded continuously.

Calculate the balance of your account after 6 years. Round your answer to the nearest hundredth.

Answer 1

let A be the amount needed
let P be the invested amount=$1600
let R be the interest rate =6.5%
let n be the rate/time=6 years
A=P[1+(R÷100)]^n
A=1600[1+(6.5÷100)]^6
A=1600[1+0.065]^6
A=1600[1.065]^6
A=1600×1.4591
A=2334.56
A=$2330

Answer 2

$2363.17

Explanation: