Question

Nathaniel invested $2,900 in an account paying an interest rate of 5.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Answer 1

Explanation:

Continuous compounding formula

FV = PV e^rt plug in the given values

FV = $2900 e^(.054 * 11) = $ 5252.53