Okay so the equation for compound interest is A = P(1 + r/n)^nt.
P<span> =</span><span> principal amount (the initial amount you borrow or deposit)</span>
r<span> = </span>annual rate of interest (as a decimal)
t<span> = </span>number of years the amount is deposited or borrowed for.
A<span> =</span><span> amount of money accumulated after n years, including interest.</span>
n = number of times the interest is compounded per year
When interest is compounded continually (i.e. n --> ), the compound interest equation takes the form:<span>
P = Ce^<span>
rt
So you have to use this formula.
so C is 500, e is the In function on the calculator, r is 0.05 and t is 8
Substitute into the formula and you have your answer
Hope this helps</span></span>
