Question 1063648: You invest $1, 500 in an account that has an annual interest rate of 3.4%, compounded continuously. How much money will be in the account after 6 years? Round your answer to the nearest whole number.
If you could show your work, that would be great! Thanks!
Answer by Alan3354(69443)   (Show Source):
You can put this solution on YOUR website! You invest $1,500 in an account that has an annual interest rate of 3.4%, compounded continuously. How much money will be in the account after 6 years? Round your answer to the nearest whole number.
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For continuous compounding:
FV = PV*e^(rt)
FV = 1500*e^(0.034*6)
FV =~ $1839.45
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It's arithmetic, but you have to know the formula.
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