A principal amount of $4,700 is deposited into an account paying interest at a rate of 3%, continuously compounded. What will be

Question

1 year ago

9

the account balance after 3 years?
A. $5,142.62
B. $5,882.09
C. $6,430.29
D. $8,010.51

1 answer:

Ronch [10] · Answer 1 · 2023-05-29T03:01:02+03:00

The account balance after 3 years if the interest is compounded continuously is $5,142.62

<h3>How to find compound interest?</h3>

r = 3/100

r = 0.03 rate per year,

A = Pe^rt

A = 4,700.00(2.71828)^(0.03)(3)

= 12,775.916^0.09

A = $5,142.62

Therefore, the account balance after 3 years if the interest is compounded continuously is $5,142.62

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