Question

You invest $1,100 in an account that has an annual interest rate of 2.1%, compounded continuously. How much money will be in the account after 7 years?

Answer 1

If I am not mistaken I believe the formula is this:\[A=A _{0} e ^{(r)(t)}\]

Answer 2

Filling your values in you have\[A=1100e ^{(.021)(7)}\]

Answer 3

@IMStuck is right, in other way too
FV = P[e^(Yr)]
P = Principal (1,100)
e = Euler's number (2.71828.....)
Y = Number of years (7)
r = Rate (0.021)
= $1,274.19(ANS)..

Answer 4

Which is\[A=1100e ^{(.147)}\]which comes to A = 1274.19

Answer 5

That's perfect! Thank you so much!

Answer 6

I think the formula is easier...

Answer 7

True...