Question

An initial deposit of $212 is placed in

a bank account and left to grow, with
interest compounded continuously.
what will it be after 6 years?
Round your answer to the nearest dollar.

Answer 1

$224.932

Explanation:

Note: The question is not complete

say the rate is 10%

Given data

Initial depostite= $212

TIme= 6years

rate= 10%

the expression for the compound interest is given as

A=P(1+r)^t

substitute

A=212(1+0.1)^6

A=212(1.01)^6

A=212*1.061

A= $224.932

Hence the final amount at the rate of 10% is $224.932