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You invested $4,200 into an account that pays an interest rate of 3.5% compounded continuously. What is the balance of your account in 5 years? Use formula A=P e^rt

You invested $4,200 into an account that pays an interest rate of 3.5% compounded continuously. What is the balance of your account in 5 years? Use formula A=P e^rt
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5 votes
You invested $4,200 into an account that pays an interest rate of 3.5% compounded continuously. What is the balance of your account in 5 years? Use formula

A=P e^rt

asked
User Seaders
by
8.2k points

1 Answer

6 votes

Answer:

$5,003.23

Explanation:

A = P x e^rt

= 4,200 x (e^0.035 x 5 )

= $5,003.23

answered
User Max Meijer
by
8.4k points
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