SOLUTION: You deposit $4400 in an account that pays 5% annual interest compounded countinuosly. Find the balance after 3.5 years. a)5214.14 b)5241.54 c)5241.48 d)5241.46 I have tried doi

Question 291754: You deposit $4400 in an account that pays 5% annual interest compounded countinuosly. Find the balance after 3.5 years. a)5214.14 b)5241.54 c)5241.48 d)5241.46
I have tried doing 4400+5%=4631.5789 + 5% = 4875.35 + 5% = 5131.94 + 2.5% = 5263.53 which isn't one of my options. I dont understand what I am doing wrong.
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
This the wrong category for your problem. No matrices here.
You also have the wrong formula. You need the formula for interested compounded continuously which has an exponent. You are using simple interest over 3.5 years( and doing it wrong too)
check out this page
http://id.mind.net/~zona/mmts/functionInstitute/exponentialFunctions/continuousInterest.html
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