Question

A principal amount of $800 is placed in a savings account with an annual interest rate of 1.1% compounded continuously. How much interest is earned after 10 years?

$93.02
$8.85
$893.02
$808.85

Answer 1

ok well i do have some guesses between C or D but lets see if some math experts who helps me in the past is online first

Answer 2

@hero @timmyspu

Answer 3

@dontsaymyname @dolphan

Answer 4

@renne @kyky232

Answer 5

and @axie

Answer 6

That is in fact, a lot of people 0-0

Answer 7

Alright so what is 1.1% of 800?

Answer 8

divided right?

Answer 9

Oh wait..that's just 8.8

Answer 10

Yes. And what would 8.8 dollars a year be in 10 Yeats

Answer 11

Years*

Answer 12

Oh shoot its compounding one sec

Answer 13

Yeah all 7 questions are like this and I am almost failing this class so I really need to get this correct

Answer 14

$92.98

Answer 15

https://www.omnicalculator.com/finance/compound-interest cool tool I found for ya

Answer 16

Oooh thanks but also would I round that up? Cause that isn't one of the answers..I also feel like it'd be higher?

Answer 17

That's bc I put the wrong interest rate and just did 1 percent
Round to 93.02

Answer 18

is this for personal finace or math

Answer 19

Ohh okay also its for something called mathematics for college liberal arts

Answer 20

Which I have no clue what it is except algebra

Answer 21

I'll go ahead and close this one and bring the next one up