Question

Where do i start on this one? I need to show continous compounding....show all work to solve?An initial investment of $1000 is appreciated for 8 years in an account that earns 9% interest, compounded annually. Find the amount of money in the account at the end of the period.

Answer 1

A=Pe^rt
A=1000e^(.09)(8)
A=$2054.43

Answer 2

multiplying the .09 would be the 9% interest?

Answer 3

Yes

Answer 4

cool thanks buddy!

Answer 5

You're welcome!