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) (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
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