Question

Suppose you invest $1600 at an annual interest rate of 7.9% compounded continuously. How much will you have in the account after 10 years? (1 point)

$35,254.34
$3,525.43
$3,435.91
$17,315.27

Answer 1

i think there might be some error in the options
it should be 1600(1+.079)^10=3422 appx
but nearest ur answer seem to be $3435.91

Answer 2

See http://en.wikipedia.org/wiki/Compound_interest#Continuous_compounding

Answer 3

I was getting the same answer, trying to figure out where I was going wrong.

Answer 4

okay thanks guys