How much would $500 invested at 8% interest compound continuously be worth after 3 years

The value of $500 invested at 8% interest compounded continuously is given by 500e^ (0.08 x 3) = 500e^0.24 = 500 x 1.2712 = $635.62

The answer ... $635.62

Answer: $635.6

Step-by-step explanation:

The formula for compound interest continously is A = Pe ^rt

Where p is the Principal given as $500, e is a constant approximated as 2.718, r is the rate, given as 8% = 0.08, t is time given as 3years.

Slot the values into the formula:

500e ^ (0.08 * 3)

500e^0.24

500 x 1.271

=$635.6

Therefore, the value of $500 invested at 8% interest compounded continuously is $635.6.