Question

Suppose you invest $1400 at interest rate of 4.3% compounded continuously. How much will you have in the account after 7 years? Round to the nearest dollar.

Answer 1

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \ 1400\\ r=rate\to 4.3\%\to \frac{4.3}{100}\dotfill &0.043\\ t=years\dotfill &7 \end{cases} \\\\\\ A=1400e^{0.043\cdot 7}\implies A=1400e^{0.301}\implies A\approx 1891.69\implies \stackrel{\textit{rounded up}}{A=1892}$