SOLUTION: Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 year? After 2 years?
I am so very grateful for your help!
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I am so very grateful for your help!
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Question 207191: Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 year? After 2 years?
I am so very grateful for your help! Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! A=Pe^rt
A=2000(2.718)^.06(1)
A=2000(1.06183)
A=$2123.66
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A=2000(2.718)^.06(2)
A=2000(2.718)^.12
A=2000(1.12748)
A=$2254.96
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