Question

Suppose you deposit $1000 in an account paying 4% annual interest, compounded continuously. Find the balance after 10 years.

Answer 1

The balance after 10 years would be $1400

Answer 2

Answer:

400

Step-by-step explanation:

To find 4% of $1000 you have to multiply them and then divide them by 100.

4 x 1000/100

4,000/100 = 40

Every year, you would get 40 dollars, so for 10 years you multiply 10 x 40.

10 x 40 = 400