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

@chris117 how much money u have saved!!in 4 years!!?>'

anonymous · Answer

Think like this if you get 6% interest then 2000* 6/100

anonymous · Answer

its 120 dollars u get !! right?

anonymous · Answer

yea

anonymous · Answer

the answer is 96000?

anonymous · Answer

1 year=12 months!! and you get 24000 per year !!

anonymous · Answer

12*2000=24000

anonymous · Answer

so 24000+24000+24000+24000=$96000
the net amount will be $96000 in 4 years

shamil98 · Answer

Just use the future value formula..
$$\large F = Pe^{rt}$$
F = future value
P = present value
e = euler's number (2.71....use a calculator)
r = rate , in this case .06
t = time

anonymous · Answer

wah kya baat hai!! :D