Question

Someone already helped me with this problem but they only answered the first question can someone help me with the second?

Answer 1

We have that the compound interest continuously is given by the formula:

`A=Pe^(rt)`

Where:

A = Future value

P = Initial value = 1000

r = rate = 0.0775

t = 1 year

Substitute the values:

`A=1000e^(0.0775(1))=1000e^(0.0775)=1080.58`

Answer: $1080.58