Problema Solution
you invest $1400 in an account that pays interest rate of 5.5%m compounded continuously.
calculate the balance of your account after 6 years. round your answer to the nearest hundreth.
Answer provided by our tutors
P = $1,400
t = 6 years
r = 0.055 the rate as a decimal
A = ?
A = P*e^(rt)
A = 1400*e^(0.055*6)
........
click here to see the step by step calculation for A
........
A = $1,947.36
After 6 years there will be $1,947.36 on the account.