Question

You deposit $4000 in an account earning 7% interest compounded continuously. How much will you have in the account in 10 years?

Answer 1

`~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$4000\\ r=rate\to 7\%\to (7)/(100)\dotfill &0.07\\ t=years\dotfill &10 \end{cases} \\\\\\ A=4000e^(0.07\cdot 10)\implies A=4000e^(0.7)\implies A\approx 8055.01`