Suppose $500 is deposited into an account paying interest at a rate of 7%, continuously compounded. Find a formula for the value of the account at time t. What is the value of the account after 3 years?

Question

Suppose $500 is deposited into an account paying interest at a rate of 7%, continuously compounded. Find a formula for the value of the account at time t. What is the value of the account after  3 years?

anonymous · Answer

Pe^Yr

anonymous · Answer

where P is initial amount or the Principal amount. r = rate.
y = number of years
e is euler's number which is the natural number.

anonymous · Answer

So what would the equation be ? P(t) = 500e^3 ?