Question

If you invest $6,300 in an account paying 8.0% compounded continuously, how much money will be in the account at the end of 3.5 years

Answer 1

Use the Compound Interest Equation:
\[M(t)=I(1+r)^t\]
M is the final amount of money.
I is the initial amount of money
r is the rate of interest
and t is the time.

Answer 2

thanks

Answer 3

Continuous compounding is used.\[6300(1 + 0.08)^{3.5}\]