SOLUTION: Could you verify if my answer to the problem is correct or not? The amount A is in an account after t years of an initial principle P invested at an annual rate r compounded conti

Question 76553: Could you verify if my answer to the problem is correct or not?
The amount A is in an account after t years of an initial principle P invested at an annual rate r compounded continuously is given by A=Pe^rt where r is expressed as a decimal. What is the amount in the account if $500 is invested for 10 years at the annual rate of 5% compounded continuously?
I got $814.45
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
don't know how you got your answer, but it is not quite right

A=P*e^(r*t)...P is 500...e is base for natural logs (see calculator)...(r*t) is .50...cranking the crank gives...A=824.36
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