Mario opened a savings account and deposited $700.00 as principal. The account earns 6% interest, compounded continuously. What
is the balance after 6 years?
1 answer:
Answer:
$1003.33
Step-by-step explanation:
The appropriate formula is ...
A = P·e^(rt)
Filling in the givens, you have ...
A = $700·e^(0.06·6) ≈ $1003.33
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