Question

$600 is deposited in an account that pays 7% annual interest, compounded continuously. What is the balance after 5 years? Please help!!!

Answer 1

Answer:

$660

Step-by-step explanation:

P = $600

r =10%

n = 5 years

$Amount=P*(1+\frac{r}{100})^{n}\\\\=600*(1+\frac{10}{100})^{5}\\\\=600*(\frac{110}{100})^{5}\\\\=600*(1.1)^{5}\\\\=600*1.61051\\\\=660$