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3 years ago

Find the amount in a continuously compounded account for the following condition.

1 answer:

3 0

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}
\\\\
A=Pe^{rt}\qquad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to& \$3000\\
r=rate\to 5.4\%\to \frac{5.4}{100}\to &0.054\\
t=years\to &5
\end{cases}
\\\\\\
A=3000e^{0.054\cdot 5}\implies A=3000e^{0.27}\implies A\approx 3929.89$

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