Question

Suppose you invest $5000 at an annual interest rate of 6.3% compounded continuously. How much will you have in the account after 3 years? Round the solution to the nearest dollar.

Answer 1

For this specific problem, you will have $6040.20 in the account after 3 years. I am hoping that this answer has satisfied your query about and it will be able to help you, and if you’d like, feel free to ask another question.

Answer 2

After 1 year
5000 * (106.3 / 100)
$ 5315

After 2 years
5315 * (106.3 / 100)
$ 5649.845

After 2 years
5649.845 * (106.3 / 100)
$ 6005.785

So the amount you have in 3 years
$ 6006