You invest $350 in an account with an interest rate of 1.2% compounded continuously. How much money would be in the account after 10 years? Round your answer to the nearest whole number.

Question

anonymous · Answer

A is the amount after the compounding.
 P = principal = 350
 e = appox. 2.7183 (napier's number)
 r= annual interest rate = 1.2% =.012
 t = year = 10.

anonymous · Answer

That's $395 rounded to the nearest whole number.

anonymous · Answer

I got this far, but I'm not sure what to do about the 'e' @vramirez83

anonymous · Answer

The  equation would be A(t)=350(e)^.012*10 that's as far as I got

anonymous · Answer

Did you do that on a scientific calculator?

anonymous · Answer

E stands for the Napier's number (base of the natural logarithm) which is approximately 2.7183.

anonymous · Answer

Thanks.

anonymous · Answer

sorry hope i helped (: