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

compounded pay twice a years 
A= 500(1+0.07/2)^(2*3)

anonymous · Answer

$614.28
If I deserve medal then give me one.

dumbcow · Answer

It is being compounded continuously 
B = 500*e^.07*3
B = 500*e^.21
B = 616.84