Question

What is the compound interest if $410 is invested for 13 years at 8% compounded continuously?

Answer 1

Compounded contiously
$A=Pe^{rt}$
A=future amount
P=present amount
r=rate in decimal
t=time in years

to find the interest, we do A-P
find A first

given
P=410
t=13
r=0.08

$A=410e^{13*0.08}$
$A=410e^{1.04}$
aprox
A=1159.97897
A-P=1159.97897-410=749.9789
the interest is $749.98