Question

how much would 600 invested at 8% interest compounded continuously be worth after 3 years? round your answer to the nearest cent.

Answer 1

`\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}\\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$600\\ r=rate\to 8\%\to (8)/(100)\to &0.08\\ t=years\to &3 \end{cases} \\\\\\ A=600e^(0.08\cdot 3)\implies A=600e^(0.24)`