Find the amount in an account if $7,000 is invested and is compounded continuously for 5 years at a 2% interest rate
1 answer:
<span>(See attached formula)
("e" = 2.718281828)
Total = principal * e ^ (rate * years)
</span><span>Total = 7,000 * e^(.02*5)
</span>Total = 7,000 * <span>2.718281828^.1
</span>Total = <span> <span> </span></span><span><span><span>7,000 * 1.1051709181 </span> </span> </span>
<span><span><span>Total = 7,736.20
</span></span></span>
("e" = 2.718281828)
Total = principal * e ^ (rate * years)
</span><span>Total = 7,000 * e^(.02*5)
</span>Total = 7,000 * <span>2.718281828^.1
</span>Total = <span> <span> </span></span><span><span><span>7,000 * 1.1051709181 </span> </span> </span>
<span><span><span>Total = 7,736.20
</span></span></span>
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