Question

Tom invests $10,000 in a savings account that offers 3.5 percent interest, compounded continuously.

Answer 1

@makaylawheeler, are you familiar with the formula for continuous compound?

Answer 2

.The continuously compounded interest has this formula:

A = Pe^rt

Answer 3

A = amount
P = Principal
e = mathematical constant e = 2.718
r = rate of interest
t = time

Answer 4

Makayla is that you???

Answer 5

Principal = 10,000 ; rate = 3.5% ; t = 10 years.

A = 10,000 * (2.718)^(0.035*10)
A = 10,000 * (2.718)^0.35
A = 10,000 * 0.9513
A = 9,513

In 10 years Tom will have earned $9,513 in interest

Answer 6

$9,513