You invest 1,600 in an account that pays an interest rate of 6.5% compounded continuously calculate the balance after 6 years
1 answer:
The amount A when the principal P is compounded continuously is given by the formula :

Here r is rate of interest and t is time .
In the question P=1600 ,r=6.5%=0.065 ,t= 6 years
Substituting these values in the formula

A= 1600(1.48)
A=2363.17
Balance after 6years is $2363.17
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