Question

If Johnson put $800,000 in a savings account today, how much will it grow to in 3 years if the bank pays 4% annual interest compounded continuously

Answer 1

Answer: $901,997.48

Step-by-step explanation:

Future Value (FV)

Present Value (PV)

FV Compounded Continuously = PV x e^ (Interest Rate x N)

FV = $800,000 x e^(4% x 3)

FV = $901,997.48