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28 November, 16:22

You invest $2,600 in an account that pays and interest rate of 8.25%, compounded continuously.

calculate the balance of your account after 5 years. round your answer to the nearest hundredth.

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  1. 28 November, 16:28
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    The formula is

    A=pe^rt

    A future value?

    P present value 2600

    R interest rate 0.0825

    T time 5 years

    A=2,600*e^ (0.0825*5)

    A=3,927.53
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