Question

please help!!!!! what will be the balance in an account that was initially $400 and has been drawing 5.5% interest compounded continuously for 8 years? thank you in advance!!​

Answer 1

Answer:

  $621.08

Step-by-step explanation:

The formula for the amount (A) resulting from principal P being invested at rate r continuously compounded for period t is ...

  A = Pe^(rt)

Filling in the given numbers and doing the arithmetic, we get ...

  A = $400e^(0.055·8) ≈ $621.08