Question

Aidan has $7565 in his checking account. He invests it in an account that earns 3.5% interest compounded continuously. What is the total amount of his investment after 3 years? Round your answer to the nearest hundredth. Enter your answer as the example: $1234.56

Answer 1

Total amount = Pe^(rt)
where
P=principal
e=2.7182818284...
r=0.035
t=3 (years)

Total amount
= 7565(e^(0.035*3)
=$ 8402.53