Please walk me through compounding interest continuously.

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asked Dec 5, 2019 155k views

1 Answer

CSharpAtl · Answer 1 · 2019-12-10T06:56:22+0000

Principal Amount = P = $500
Interest rate = r = 9% = 0.09
Time in years = t = 4

Worth after 4 years = A(t)

Using the given formula:

$A(t)=Pe^(rt) \\ \\ A(t)=500e^(0.09*4) =716.66$

Thus, the worth of the account after 4 years will be $716.66

Please walk me through compounding interest continuously.

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