SOLUTION: The amount A in an account after t years of an initial principle P invested at an annual rate r compounded continuously is given by A=Pe^(rt) where r is expressed as a decimal. Wh
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Question 46917: The amount A in an account after t years of an initial principle P invested at an annual rate r compounded continuously is given by A=Pe^(rt) where r is expressed as a decimal. What is the amount in the account if $500 is invested for 10 years at the annual rate of 5% compounded continuously? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A=Pe^(rt) What is the amount in the account if $500 is invested for 10 years at the annual rate of 5% compounded continuously?
A=Pe^(rt)
A=500e^(0.05*10)
A=500e^0.5
A=500*1.64872127
A=$824.36
Cheers,
Stan H.
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