Find the amount in a continuously compounded account for the following condition. Principal, $4000; Annual interest rate, 5.
1 answer:
<h3>Answer: 4745.96 dollars</h3>
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Explanation:
We have this given info
- P = 4000 = principal
- r = 0.057 = annual interest rate in decimal form
- t = 3 = number of years
Use this to plug into the formula below
You'll need your calculator, and the calculator needs the "e" button.
The "e" refers to the special constant 2.718... which is similar to pi = 3.14...
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