SOLUTION: Find the total savings if 300 is compounded continuously for: 3 years at 6%

SOLUTION: Find the total savings if 300 is compounded continuously for: 3 years at 6%

Algebra.Com

Question 81523: Find the total savings if 300 is compounded continuously for: 3 years at 6%
Answer by mathdoc316(9) (Show Source): You can put this solution on YOUR website!
Compound interest is computed with , the natural base for exponential functions.
The formula is where P is the principal amount, A(t) is the amount at time t, and r is the rate
Evaluating this I get (correct to two decimal places).

RELATED QUESTIONS
So if $300 is invested at an interest rate of 6% compounded continuously, then the... (answered by solver91311)

If $100 dollars is deposited in a savings account that pays interest at a rate of 12.5%... (answered by Kbear,MathTherapy)

Find the amount in an account where $1100 is invested at 4% compounded continuously for a (answered by Cromlix,MathTherapy)

Find the amount of money accumulated if you invested $25,000 at 4.3% interest for 8 years (answered by Alan3354)

find the balance if $15,000 is invested at an annual rate of 10% for 5 years, compounded... (answered by rfer)

Find the balance if $12000 is invested at an annual rate of 8% for ten years, compounded... (answered by stanbon)

If $2800 is deposited at 6% compounded continuously what will be the future amount 10... (answered by ewatrrr)

Mary has $3,500 in a savings account earning 412% annual interest that is compounded... (answered by Fombitz)

If $2711 is invested into a savings account and compounded continuously, what interest... (answered by jim_thompson5910)