Katie deposited $2,000 into a new savings account that paid interest at an annual rate of 3%, compounded continuously. If there were no other transactions, approximately how much money was in Katie's account 6 years after she made the deposit?
1 answer:
Answer: $ 2388.10
Step-by-step explanation:
Given: Principal value : P= $2,000
annual rate : r= 3% = 0.03
Time : t= 6 years
Formula to calculate the accumulated amount if compounded continuously :-
Hence, Money in Katie's account after 6 years = $ 2388.10
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