Question

how much would $600 invested at 8% interest compound continuously be worth after 3 years? round to the nearest cent a(t)=p.ert

Answer 1

Given:
$600 principal
8% rate = 8/100 = 0.08
3 years time

Solving for A:
A = P⋅e^rt
where:
A is the amount
P is the principal
e is the mathematical constant
r is the rate of interest
t is the time in years

A = P⋅e^rt
= 600⋅e^(0.08⋅3)
= 600(2.718281828459045)^(0.24)
A = $762.70

$600 compounded continuously at a rate of 8% for 3 years will yield a final amount of $762.70