Problema Solution
If you invest $5,500 in an account paying 12.0% compounded continuously, how much money will be in the account at the end of 2.0 years?
Answer provided by our tutors
2.0 years = 2.0 periods
Rate = 12.0%
So the account at the end of 2.0 years = $5,500*(1+12.0%)^2.0 = $6899.2
So the account at the end of 2.0 years is $6,899.2