SOLUTION: Mrs. Brown put $10,000 into a savings account that pays 5% interest, compounded continuously. How much will Mrs. Brown have in the account after 6 years
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Question 1159027: Mrs. Brown put $10,000 into a savings account that pays 5% interest, compounded continuously. How much will Mrs. Brown have in the account after 6 years Answer by ikleyn(52794) (Show Source):
For continuously compounded account, the Future Value
FV = ,
where A is initial deposit, k is the interest, expressed as decimal, and t is the time in years.
In your case
FV = = = 13498.59 dollars. ANSWER
