Question

Matthew invested $5,800 in an account paying an interest rate of 4.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent , would be in the account after 7 years?

Answer 1

$8173

Explanation:

For this problem you will use the formula P(t)=Pe^r(t). P=5800 r=4.9%=0.049

t=7 years. With using this formula you should get your answer. I hope this helps!