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Use the formula A=Pe^rt to find the following: $1000 is deposited in a savings account earning 4% interest compounded continously. The money is left for 12 years. How much money…

Use the formula A=Pe^rt to find the following: $1000 is deposited in a savings account earning 4% interest compounded continously. The money is left for 12 years. How much money…
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Use the formula A=Pe^rt to find the following: $1000 is deposited in a savings account earning 4% interest compounded continously. The money is left for 12 years. How much money do you have at the end of the 12 years?

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User Sfkleach
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8.2k points

1 Answer

5 votes
A=1,000×e^(0.04×12)
A=1,616.07
answered
User BobbyGopnik
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7.7k points
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