Question

You invest $900 in an account that pays an interest rate of 7.25% compounded continuously. Calculate the balance of your account after 15 years. Round your answer to the nearest hundredth

Answer 1

$1,241 is my answer.er. I used a calculator for interest, so I'm sure this is the correct answer. Rounding it to the nearest hundredth I suppose it would be $1,200. I'm not good at rounding, but I hope this has helped you some.

Answer 2

The formula for this is

A = P(e)^rt

where P = principal , r = rate ( as a fraction) and t = time in years

so here we have

amount after 15 years = 900 * e^(0.0725*15)

=