opened a savings account and deposited $1,000.00. The account earns 9% interest, compounded continuously. If he wants to use the

Question

4 years ago

14

opened a savings account and deposited $1,000.00. The account earns 9% interest, compounded continuously. If he wants to use the

money to buy a new bicycle in 1 year, how much will he be able to spend on the bike? Use the formula A=Pert, where A is the balance (final amount), P is the principal (starting amount), e is the base of natural logarithms (≈2.71828), r is the interest rate expressed as a decimal, and t is the time in years. Round your answer to the nearest cent.

Mathematics

1 answer:

MrRa [10] · Answer 1 · 2021-11-16T10:20:06+03:00

MrRa [10]4 years ago

8 0

Answer: $1094.17

Step-by-step explanation:

Amount = Pe^rt