Question

If $1,000 is invested at 16% interest, compounded continuously, for five years,

Answer 1

Answer:

$2,225.54

Step-by-step explanation:

Principal, p = $1000

interest rate r = 16% 0r 0.16

years of deposit, t = 5

Finding ending balance below

Since interest compounded continuously,

Substitute the following values

p = $1000, e = exponent, r = 0.16 and t = 5

B = 1000e^((0.16)(5))

=1000e^(0.8)

=1000 X 2.2255409284924676

=2,225.5409284924676

Which B is approximately $2,225.54

Ending balance =$2,225.54

Answer 2

Answer:

2,225.54

Step-by-step explanation:

I am not sure if I am correct or not but it is either the first or second one.