SOLUTION: you deposit $1000 in an account that pays 6% annual interest compounded continuously. find the balance at the end of 2 years.

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: you deposit $1000 in an account that pays 6% annual interest compounded continuously. find the balance at the end of 2 years.      Log On


   

Question 306067: you deposit $1000 in an account that pays 6% annual interest compounded continuously. find the balance at the end of 2 years.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=Pe^rt
A=1000(2.7183)^.06*2
A=1000(1.12749)
A=$1127.50