Problema Solution
How much would $500 invested at 3% interest compounded continuously be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.
Answer provided by our tutors
P = $500 the principle
r = 3% or 0.03
t = 8 years
A = the future value
A = Pe^(r*t)
A = 500*e^(0.03*8)
A = $635.62