SOLUTION: An initial amount of $1300 is invested in an account at an interest rate of 4% per year compounded continuously. Find the amount in the account after two years. Round your answer t
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Question 827294: An initial amount of $1300 is invested in an account at an interest rate of 4% per year compounded continuously. Find the amount in the account after two years. Round your answer to the nearest cent.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An initial amount of $1300 is invested in an account at an interest rate of 4% per year compounded continuously. Find the amount in the account after two years. Round your answer to the nearest cent.
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A(t) = P*e^(rt)
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A(2) = 1300*e^(0.04*2) = 1300*1.0833 = $1408.27
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Cheers,
Stan H.
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