How much would $500 invested at 3% interest compounded continuously be

worth after 6 years? Round your answer to the nearest cent.

A (t) = Poet

A. $593.22

B. $597.03

C. $590.00

D. $598.60

d

Step-by-step explanation:

598.60

You are given the equation

A (t) = P*e^ (rt)

Where P = Principal

r = interest rate

t = time

e is a mathematical constant equivalent to approx 2.71828

You're told the initial Principal is $500, the interest rate is 3%, over 6 years. So you have everything that you need to solve the problem, just plug in the values and solve for A (6)

A (t) = P*e^ (rt)

A (6) = 500 * e^ (0.03 * 6)

A (6) = 500 * e^ (0.18)

A (6) = 500 * 2.71828^ (0.18)

A (6) = 500 * 1.19721

A (6) = 598.60861

So $500 invested 6 years ago at 3% would be worth $598.61 today.