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Puts $700.00 into an account to use for school expenses. The account earns 4% interest, compounded continuously. How much will be in the account after 7 years?

Puts $700.00 into an account to use for school expenses. The account earns 4% interest, compounded continuously. How much will be in the account after 7 years?
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1 vote
Puts $700.00 into an account to use for school expenses. The account earns 4% interest,

compounded continuously. How much will be in the account after 7 years?

asked
User Bakudan
by
7.6k points

1 Answer

5 votes

Answer:

  • $926.19

Explanation:

Use formula:

  • A = Pe^(rt)

Given

  • P = $700
  • r = 4% = 0.04
  • t = 7 years

Find the amount:

  • A = 700*e^(0.04*7) = 926.19
answered
User Montxe
by
8.1k points
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