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