What is the total amount for an investment of $100 invested at 3.5% for 8 years and compounded continuously?

$135.44
$132.31
$128.00
$131.68

Question

What is the total amount for an investment of $100 invested at 3.5% for 8 years and compounded continuously?

$135.44
$132.31
$128.00
$131.68

mathstudent55 · Answer

Use the formula for continuously compounded interest.

mathstudent55 · Answer

$F = Pe^{rt} $

F = future value
P = present value
r = annual interest rate
t = time in years

You know the last three values. Plug them in and find F.

anonymous · Answer

Would it be $131.68?

mathstudent55 · Answer

That's not what I got.
Write the formula.
Rewrite the formula with the values plugged in.
Evaluate it.