A principal amount of $4,700 is deposited into an account paying interest at a rate of 3%, continuously compounded. What will be the account balance after 3 years?
1 answer:
The account balance after 3 years if the interest is compounded continuously is $5,142.62
<h3>How to find compound interest?</h3>
Principal, P = $4,700 Time,t = 3 years Interest rate, r = 3% 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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