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1 year ago

14

Find the amount in a continuously compounded account for the following condition. Principal, $4000; Annual interest rate, 5.

7%; time, 3 years

1 answer:

soldi70 [24.7K]1 year ago

7 0

<h3>Answer: 4745.96 dollars</h3>

=======================================================

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

$A = Pe^{r*t}\\\\A = 4000*e^{0.057*3}\\\\A \approx 4,745.96299608713\\\\A \approx 4,745.96\\\\$

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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