Question

If you put $1,500 in a savings account that pays 4% interest compounded continuously, how much money will you have in your account in 5 years? Assume you make no additional deposits or withdrawals.

Answer 1

A=pe^rt
A=1,500×e^(0.04×5)
A=1,832.10

Answer 2

Assuming its monthly interest then you will have 3600 dollars over the course of five years