If you deposit $150 in a savings account paying 4% interest compounded continuously, how much money will you have after 5 years? Round your answer to the nearest penny.

Question

anonymous · Answer

okay 4% is 0.04x 150=6 that is the interest so is 156 each month or each year idk how they pay but i will do both wait ok

anonymous · Answer

P(e^(rt), where P = initial amount; r = rate, t = time

anonymous · Answer

okay 156 x 5< years =780 that is if they give money eeach year and  156x 12=1872 that is if they give money each month  but that has to be multiply be 1872x5 =9360  thath is what they have for 5 years

anonymous · Answer

thank you so much this just got me 28 extra credit points on my final grade!

anonymous · Answer

nice ahahha :)

anonymous · Answer

thanks for the medal