SOLUTION: You invest $1,600 in an account that pays an interest rate of 6.5%, compounded continuously. Calculate the balance of your account after 6 years. Round your answer to the nearest h

Algebra ->  Finance -> SOLUTION: You invest $1,600 in an account that pays an interest rate of 6.5%, compounded continuously. Calculate the balance of your account after 6 years. Round your answer to the nearest h      Log On


   

Question 972866: You invest $1,600 in an account that pays an interest rate of 6.5%, compounded continuously. Calculate the balance of your account after 6 years. Round your answer to the nearest hundredth. *PLEASE ROUND TO THE NEAREST HUNDREDTH.
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




Where is the future value, is the present value, is Euler's number (the base of the natural logarithms, approx 2.718), is the interest rate expressed as a decimal, and is the number of years]

For this problem , , and . Plug in the numbers and get to punching buttons on your calculator.

John

My calculator said it, I believe it, that settles it