5. Suppose you invest $500 at an annual interest rate of 8.2% compounded continuously. How much will
you have in the account after 15 years?

Question

5. Suppose you invest $500 at an annual interest rate of 8.2% compounded continuously. How much will
you have in the account after 15 years?

anonymous · Answer

$$\large 500e^{.082\times 15}$$ and a calculator

anonymous · Answer

what does a the e mean

anonymous · Answer

$e$ is an irrational number, it can be written as 
$$e=\lim_{n\to \infty}\left(1+\frac{1}{n}\right)^n$$  it is used for continuous compounding, 
the formula for continuous compounding at a rate of $r$ for $t$ years is 
$$Pe^{rt}$$ where of course $r$ is written as a decimal, not a percent
there is a button for $e^x$ on your calculator

anonymous · Answer

or you can use this http://www.wolframalpha.com/input/?i=500e^%28.082*15%29

anonymous · Answer

oh thank you i was using a graphing calculator on my phone and couldnt figure out what you were talking about thank you again! @satellite73

anonymous · Answer

yw