SOLUTION: Mary has $3,500 in a savings account earning 4 1/2% annual interest that is compounded continuously. How much will be in the account at the end of 3 years?

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: Mary has $3,500 in a savings account earning 4 1/2% annual interest that is compounded continuously. How much will be in the account at the end of 3 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



Question 1007049: Mary has $3,500 in a savings account earning 4 1/2% annual interest that is compounded continuously. How much will be in the account at the end of 3 years?
Answer by lwsshak3(11628) About Me  (Show Source):
You can put this solution on YOUR website!
Mary has $3,500 in a savings account earning 4 1/2% annual interest that is compounded continuously. How much will be in the account at the end of 3 years?
Formula for continuous compounding: A=Pe^rt, P=initial investment, r=interest rate, A=amt after t-yrs
A=3500e^.005*3=$3552.90