Question

What will be the balance in an

account that was initially $400
and has been drawing 5.5%
interest compounded
continuously for 8 years?

Answer 1

613.87 dollars

Explanation:

Times 400 by 1.055 and you'll get 422 dollars. Keep doing this with the product (Result of you multiplying the previous answer by 1.055) eight times and you'll get 613.87 dollars

Answer 2

A = $400e^(0.055·8) ≈ $621.08

Explanation:

hope this helps