You invest $4,900 in an account that pays an interest rate of 5.5%, compounded continuously.
Calculate the balance of your account after 6 years. Round your answer to the nearest hundredth.

Question

anonymous · Answer

$$Pe ^{rt}$$

P is initial investment
R is interest rate
T is time

What numbers satisfy these variables? Once you figure that out, substitute them into the formula for an answer.

anonymous · Answer

31062.2929 is the answer?

anonymous · Answer

Ask yourself, Does my answer confirm with reality? If you are letting a 4,500$ initial payment slowly gain money, does your answer agree with what you might expect?

anonymous · Answer

6815 p*e^rt