You invest $1500 in a bank account that has a 3% annual interest rate, compounded continuously. How much will you have in 15 years?

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asked Apr 10, 2018 26.9k views

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Dpmcmlxxvi · Answer 1 · 2018-04-16T23:46:49+0000

We use the formula:
Total = Principal * e ^ (rate * years)
Total = 1,500 * e ^ (.03 * 15)
Total = 1,500 * e ^ .45
Total = 1,500 * 1.5683121854
Total = 2,352.47

You invest $1500 in a bank account that has a 3% annual interest rate, compounded-example-1

You invest $1500 in a bank account that has a 3% annual interest rate, compounded continuously. How much will you have in 15 years?

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