SOLUTION: Find the value of $5,800 deposited into a bank at 1.7% interest compounded continuously for 9 years. Please help! Thank you!

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Question 199299: Find the value of $5,800 deposited into a bank at 1.7% interest compounded continuously for 9 years.

Please help!
Thank you!
Answer by Edwin McCravy(20060) About Me  (Show Source):
You can put this solution on YOUR website!
Find the value of $5,800 deposited into a bank at 1.7% interest compounded continuously for 9 years. 

The formula is

P+=+Ae%5E%28rt%29

Where A = the starting value, which in this case is 5800
      P = the ending value, which is what we are to find
      r = the annual rate expressed as a decimal, which in this case is .017
      t = the number of years, which in this case is 9

P+=+5800e%5E%28.017%2A9%29

P+=+5800e%5E.153

P+=+6758.884878

Rounding to the nearest penney:

 P = $6758.88

Edwin