Question

suppose you invest 400 at an annual interest rate of 7.6% compounded continuously. How much will you have in the account after 1.5 years? Round the solution to the nearest dollar.

Answer 1

A=pe^rt
A=400×e^(0.076×1.5)
A=448.30

Answer 2

Answer:

$ 448

Step-by-step explanation:

Here, the principal amount, P = $ 400

Rate of interest, r = 7.6 % = 0.076

Time, t = 1.5 years,

Thus, the amount that is compounded continuously for 1.5 years is,

$A= Pe^{rt}$

$=400 e^{0.076\times 1.5}$

$=400e^{11.4}=400\times1.12075212488=448.300849954\approx 448$

Hence, we will have $ 448 after 1.5 years.