Question

If $6500 is invested at a rate of 6% compounded continuously, find the balance in the account after 3 years

Answer 1

`\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$6500\\ r=rate\to 6\%\to (6)/(100)\dotfill &0.06\\ t=years\dotfill &3 \end{cases} \\\\\\ A=6500e^(0.06\cdot 3)\implies A=6500e^(0.18)\implies A\approx 7781.91`