Question

Jacob deposited $475 into his savings account. If the account accrues 2.3% interest compounded continuously, how much will he have after 4 years?

Answer 1

Hi there
The formula is
A=p e^rt
A future value?
P present value 475
R interest rate 0.023
T time 4 years

A=475×e^(0.023×4)
A=520.77

Hope it helps