SOLUTION: Hello everyone, i need help with this question. Happy Thanksgiving and god bless. If $1000 is deposited in an account that earns 6.3% interest compounded continuously, how much

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Question 927752: Hello everyone, i need help with this question. Happy Thanksgiving and god bless.
If $1000 is deposited in an account that earns 6.3% interest compounded continuously, how much will be in the account after 3 years? Can someone explain to me the formula used and how you came up with the answer? thank you

Answer by MathLover1(20850)   (Show Source): You can put this solution on YOUR website!
Continuous Compound Interest Formula

where,
P = principal amount (initial investment)
r = annual interest rate (as a decimal)
t = number of years
A = amount after time t
An amount of $ is deposited in a bank paying an annual interest rate of % , compounded continuously. Find the balance after years.








amount after time

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