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galina1969 [7]
2 years ago
11

If you put $1,000 in a savings account that pays 5% interest compounded continuously, how much money will you have in your accou

nt in 10 years? Assume you make no additional deposits or withdrawals.
Mathematics
2 answers:
Mrac [35]2 years ago
7 0
<span>1648.72 is the nonrounded awnser 
 I hioe this helps


</span>
ivann1987 [24]2 years ago
4 0
Given:
Principal = 1,000
rate = 5%
term = 10 years

The continuous compound formula is: A = Pe^rt

e is a function in the calculator. However, if you are doing manual computation the value of e is 2.7183 (Napier's number)

A = 1,000 (2.7183)^0.05*10
A = 1,000 (2.7183)^0.5
A = 1,000 (1.6487)
A = 1,648.70

The money you will have in your account in 10 years will amount to 1,648.70.
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