Question

how much would 600 invested at 8% interest compounded continuously be worth after 3 years? round your answer to the nearest cent.

Answer 1

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}\\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \ 600\\ r=rate\to 8\%\to \frac{8}{100}\to &0.08\\ t=years\to &3 \end{cases} \\\\\\ A=600e^{0.08\cdot 3}\implies A=600e^{0.24}$