Question

Suppose you invest 1,600 at an annual interest rate of 7.9% compounded continuously. How much will you have in the account after 10 years

Answer 1

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \ 1600\\ r=rate\to 7.9\%\to \frac{7.9}{100}\to &0.079\\ t=years\to &10 \end{cases} \\\\\\ A=1600e^{0.079\cdot 10}\implies A=1600e^{0.79}\implies A\approx 3525.434$