Question

You invest $500 in an account with an annual interest rate of 1.1%, compounded continuously. How much money is in the account after 15 years? Round your answer to the nearest whole number.

Answer 1

The formula is
A=p e^rt
A future value?
P present value 500
E constant
R interest 0.011
T time 15 years
A=500×e^(0.011×15)
A=589.7