SOLUTION: How much would $300 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cent. Do not include units

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Question 301904: How much would $300 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cent. Do not include units
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
How much would $300 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cent. Do not include units
.
Continuous compound interest formula:
A = Pe^(rt)
A is amount accumulated after t time
P is initial amount
r is rate or interest
t is time
.
A = Pe^(rt)
A = 300e^(.09*3)
A = 300e^(.27)
A = 392.99