To save for a new car, Trafton invested $3,000 in a savings account that earns 5.5% interest, compounded continuously. After fou
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The amount Howie will pay back at the end of one year is $26000.00
The given parameters are:
-- the principal amount
-- the interest rate
--- the duration
The amount to pay back in this duration is then calculated using:
So, we have:
Express percentage as decimal
Multiply
Hence, the amount to pay back is $26000.00
Read more about simple interest at:
6>5
So, the correct sign for this is >.
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