SOLUTION: $1100 is invested in an account at an interest rate of 5% per year, compounded continuously. Find the amount in the account after five years. Round your answer to the nearest cent

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Question 451143: $1100 is invested in an account at an interest rate of 5% per year, compounded continuously. Find the amount in the account after five years. Round your answer to the nearest cent.

Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi,
$1100 is invested in an account at an interest rate of 5% per year,
compounded continuously. A = Pe^(i*n)
amount in the account after five years:
A = $1100e^(.05*5) = $1412.43
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