SOLUTION: I need some help with this problem please. Thanks $600 is deposited in an account paying 6% compounded continuously, then what amount will be in the account after 8 years?

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: I need some help with this problem please. Thanks $600 is deposited in an account paying 6% compounded continuously, then what amount will be in the account after 8 years?       Log On


   

Question 538406: I need some help with this problem please. Thanks
$600 is deposited in an account paying 6% compounded continuously, then what amount will be in the account after 8 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
$600 is deposited in an account paying 6% compounded continuously, then what amount will be in the account after 8 years?
-------------------------
A(t) = P*e^(rt)
----
A(8) = 600*e^(0.06*8)
A(8) = 600*1.6161 = $969.64
==============================
Cheers,
Stan H.