Suppose you invest $600 at an annual interest rate of 3.9% compounded continuously. How much will you have in the account after 25 years?

is the answer 15,596.56?

Question

Suppose you invest $600 at an annual interest rate of 3.9% compounded continuously. How much will you have in the account after 25 years?

is the answer 15,596.56?

anonymous · Answer

No, thats not what I got, and sounds unreasonable at such a low interest rate for only 25 years

anonymous · Answer

so it would be 22,154.71

anonymous · Answer

The continuous compounding interest formula is:
$$A=Pe^{rt}$$Where A is the amount in the account, P is the initial amount in the account, r is the interest rate(as a decimal), and t is the number of years that pass. What do you get after you plug in?

anonymous · Answer

thats what i did and i got both answers when i did it 2 ways

anonymous · Answer

Show me what you get right after you plugin, before you multiply.

anonymous · Answer

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