Ask Question
20 September, 07:36

A principal amount of $4,700 is deposited into an account paying interest at a rate of 3%, continuously compounded. What will be the account balance after 3 years?

+2
Answers (1)
  1. 20 September, 07:45
    0
    A = Pe^ (rt)

    A = Final Amount = ?

    P = Principal = 4,700

    e = euler's number = 2.7183

    r = rate = 3/100 = 0.03

    t = time (in years) = 3

    A = 4,700 * e^ (0.03*3)

    A = 4,700 * 1.094

    A = 5142.62

    Therefore, the account balance after 3 years will be $5142.62
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A principal amount of $4,700 is deposited into an account paying interest at a rate of 3%, continuously compounded. What will be the ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers