Question

if you deposit $1,000 in an account that pays 6% annual interest compounded continuously, what will the balance be after 5 years

Answer 1

A = P (1 + R/100)^n

Answer 2

A = 1000 (1 + 6/100)^5

Answer 3

A = 1000(106/100)^5 = 1000 (53/50)^5 = 1000(418195493/312500000)

1000 * 418195493 418195493
A = ------------------- = ------------ = 1338.23 approx.
312500000 312500

Answer 4

thats what i got but that answer choices are
A 1,932.06
B 1,349.86
C 29,803.91
D 1,232.06

Answer 5

Well,..... there can always be a printing error...☺
or
the nearest one is B. 1349.86