Question

You invest $500 in an account with an annual interest rate of 1.1%, compounded continuously. How much money is in the account after 15 years?

Answer 1

Well if you read the question properly it says annually so take $500 divide it by 100% and times it by 1.1% so that you know what you earn via the interest within 1 year you should get $5.50 then you times that by 15 and the answer is $82.5