Question

you deposit 300 in an account that pays 5 1/2% annual interest compounded cnyinuously find the balance at the end of 5 years

Answer 1

First find the multiplier: 5.5% + 1 = 1.0505.

Then we do amount x (multiplier) to the power of how many years.

300 x (1.0505)^5

The answer is 383.79696707. 

We round this to 2dp, making it £393.80

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