SOLUTION: $1100 is invested in an account at an interest rate of 5% per year, compounded continuously. Find the amount in the account after five years. Round your answer to the nearest cent

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Question 451143: $1100 is invested in an account at an interest rate of 5% per year, compounded continuously. Find the amount in the account after five years. Round your answer to the nearest cent.

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

 $1100 is invested in an account at an interest rate of 5% per year, 

compounded continuously.   A = Pe^(i*n)   

amount in the account after five years:

  A = $1100e^(.05*5) = $1412.43