Question

You put $2000 into an account earning 4% interest compounded continuously. Find the amount in the account at the end of 8 years.

Answer 1

Answer:

You'll need the attached formula.

Total = Principal * e ^ (rate * years)

rate = .04

Total = 2,000 * 2.718281828 ^ (.04 * 8)

Total = 2,000 * 2.718281828 ^ (.32)

Total = 2,000 * 1.3771277643

Total = 2754.2555285231

Total = 2,754.26 (rounded)

Step-by-step explanation: