Question

If $6500 is invested at a rate of 6% compounded continuously, find the balance in the account after 3 years

Answer 1

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \ 6500\\ r=rate\to 6\%\to \frac{6}{100}\dotfill &0.06\\ t=years\dotfill &3 \end{cases} \\\\\\ A=6500e^{0.06\cdot 3}\implies A=6500e^{0.18}\implies A\approx 7781.91$