Question 1063575: You invest $1,100 in an account that has an annual interest rate of 2.1%, compounded continuously. How much money will be in the account after 7 years? Round answer to the nearest whole number.
If you could also help me see the steps of how you got this, that would be great!
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! You invest $1,100 in an account that has an annual interest rate of 2.1%, compounded continuously. How much money will be in the account after 7 years? Round answer to the nearest whole number.
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A(t) = P*e^(rt)
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A(7) = 1100*e^(0.021^7) = $1274.19
Cheers,
Stan H.
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