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You invest $500 in an account with an annual interest rate of 1.1%, compounded continuously. How much money is in the account after 5 years? Round your answer to the nearest who…

You invest $500 in an account with an annual interest rate of 1.1%, compounded continuously. How much money is in the account after 5 years? Round your answer to the nearest who…
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3 votes
You invest $500 in an account with an annual interest rate of 1.1%, compounded continuously. How much money is in the account after 5 years? Round your answer to the nearest whole number

asked
User Yonghoon Lee
by
8.1k points

1 Answer

7 votes
original amount * ((100 + interest) / 100)^years

500 * 1.011^5 = 528.111691683 = $528


answered
User Stachu
by
8.2k points
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