SOLUTION: Find the accumulated amount after 10 yr if $5500 is invested at 3%/year compounded continuously.

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Question 383416: Find the accumulated amount after 10 yr if $5500 is invested at 3%/year compounded continuously.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Find the accumulated amount after 10 yr if $5500 is invested at 3%/year compounded continuously.
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A(t) = P*e^(rt)
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A(10) = 5500*e^(0.03*10)
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A(10) = 5500*e^(0.3)
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A(10) = $7424.22
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Cheers,
Stan H.