SOLUTION: Suppose that you invest $100 at an annual interest rate of 4.8% compounded continuously. How much will you have in the account after 3 years to the nearest cent?

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Question 390229: Suppose that you invest $100 at an annual interest rate of 4.8% compounded continuously. How much will you have in the account after 3 years to the nearest cent?
Found 2 solutions by Alan3354, MathLover1:
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Suppose that you invest $100 at an annual interest rate of 4.8% compounded continuously. How much will you have in the account after 3 years to the nearest cent?
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FV+=+100%2Ae%5Ert
= 100%2Ae%5E%283%2A0.048%29
= $115.49

Answer by MathLover1(20850) About Me  (Show Source):
You can put this solution on YOUR website!
Suppose that you invest $100 at an annual interest rate of 4.8_percent+compounded continuously. How much will you have in the account after 3 years to the nearest cent?

A+=+P+%281+%2B+r%29%5Et
P+= the principle invested
r+= annual interest rate as a percentage
t+= the length of the term (investment or loan)
A = the amount accumulated after n periods
In the above example, using the formula we get:
A+=+P+%281+%2B+r%29%5Et
A+=+100+%281+%2B+0.048%29%5E3
A+=+100+%281.151022592%29
A+=+115.10