caseyburke1 caseyburke1

15-06-2017
Mathematics

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You invest $1400 in an account that pays an interest rate of 5.5% compounded continuously. Calculate the balance of your account after six years round your answer to the nearest hundredth

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Aliwohaish12 Aliwohaish12

15-06-2017

Hi there
The formula is
A=pe^rt
A future value?
P present value 1400
R interest rate 0.055
T time 6 years
E constant
So
A=1,400×e^(0.055×6)
A=1,947.36

Hope it helps

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