SOLUTION: Find the amount in an account where $1100 is invested at 4% compounded continuously for a period of 6 years

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Question 1026138: Find the amount in an account where $1100 is invested at 4% compounded continuously for a period of 6 years
Found 2 solutions by Cromlix, MathTherapy:
Answer by Cromlix(4381)   (Show Source): You can put this solution on YOUR website!
Hi there,
I'm assuming the amount is compounded yearly.
100% + 4% = 104%
104% = 104/100 = 1.04
1.04^6 = compounding at 4% for 6 years
$1100 x 1.04^6 = $1391.85
Hope this helps :-)
Answer by MathTherapy(10555)   (Show Source): You can put this solution on YOUR website!

Find the amount in an account where $1100 is invested at 4% compounded continuously for a period of 6 years
Use the continuous compounding formula: , where:

A = accumulated, or future value, after t years

P = initial amount invested

e = 2.7182818......

You should get an accumulated or future value of:  

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