Question

If $10000 is invested at a rate of 2.3% compounded continuously, find the balance in the account after 15 years.

Answer 1

$10000 compounded continuously at a rate of 2.3% for 15 years will yield a final amount of $14119.9

$A=10000* e^{(0.023*15)}$

$A=10000(2.718281828459045)^{(0.345)}$

$A=14119.9$