Question

To save for a new car, you put $200 a month into an account earning interest at 4% per year, compounded continuously.
How much money do you have 2 years after the first deposit, right before you make a deposit?

Answer 1

A = 200 e^(0.04*2) = 216.68

Answer 2

i meant 216.66

Answer 3

yea thats what i got but it says i got it wrong ??

Answer 4

beats me

Answer 5

lol thanks anyway

Answer 6

$216.66 or $216.68 is the value of the initial $200 invested for two years at 4% with no additional monthly deposits of $200.

The way I read the question, $200 is deposited each month during the two-year period.

So, I'm thinking that the total amount will be somewhere in the neighborhood of $5,222 at the end of the two years.

Answer 7

okay thank u..ill check it with my professor tomorrow