SOLUTION: What is the compound interest if $500 is invested for 3 years at 10% compounded continuously? (round to the nearest cent) please show work. thank you

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Question 1088840: What is the compound interest if $500 is invested for 3 years at 10% compounded continuously? (round to the nearest cent)
please show work. thank you
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for this would be FV=Pe^rt, where FV is future value, P is the principal, r is the annual interest rate, and t is the time, in years. So:
FV=500e^3(.1)
FV=$674.929403788 is the expected amount after 3 years.
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