If you put $2,000 in a savings account that pays 6% interest compounded continuously, how much money will you have in your account in 4 years? Assume you make no additional deposits or withdrawals.

Question

anonymous · Answer

First, you should find out whats the 6% of 2000, easy way: 2000/100*6=?.
Then you should multiply by the number of years 4(2000/100*6)=?
Then you should add up these numbers 2000+4(2000/100*6)=?

anonymous · Answer

but i think really you could just use A=pe^rt which is A=(2000)e^(.06*4)

anonymous · Answer

=2542.498

anonymous · Answer

2000+4(2000/100*6)=2000+4*120=2480