How much would $300 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cen

Question

3 years ago

15

t.

2 answers:

harina [27] · Answer 1 · 2022-07-28T02:03:02+03:00

4 0

Use the formula A = Pe^(r*t).

A = $300*e^(0.09*3) = $392.99. Sounds like a great deal!

NeTakaya · Answer 2 · 2022-07-28T03:16:16+03:00

Answer: $392.99

Step-by-step explanation:

The formula to find the compound amount when it is compounded continuously after x years :-

$A=Pe^{rt}$ , where P is the principal amount , r is the rate of interest and t is the time period.

Given : Principal Amount : P = $300

Rate of interest : r= 9%=0.09

Time : t =3 years

Now the the compounded amount after 3 years will be :-

$A=300e^{0.09\times3}=392.98933522\approx392.99$

Hence, the compounded amount after 3 years = $392.99