You invest $700 in an account that pays an interest rate of 6.5%, compounded interest. Calculate the balance of your account after 20 years. Round your answer to the nearest hundredth.

is this the equation & answer for this problem?
700 * (e^.065) * 20 = 14940.226

Question

You invest $700 in an account that pays an interest rate of 6.5%, compounded interest. Calculate the balance of your account after 20 years. Round your answer to the nearest hundredth.

is this the equation & answer for this problem?
700 * (e^.065) * 20 = 14940.226

amistre64 · Answer

is it compounded 'continnuously'?

anonymous · Answer

yes

amistre64 · Answer

then thats in error; right thought, wrong setup... and it looks like a google error not your own...

try putting it in like this:

700*(e^(.065*20)) and see what you get

amistre64 · Answer

700 * (e^(.065 * 20)) = 2568.50767  is better and it forces google to follow the order of operations better

anonymous · Answer

darn. i thought i had it right. but thanks! :)