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?

Answer 1

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

Answer 2

so it would be 22,154.71

Answer 3

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?

Answer 4

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

Answer 5

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