SOLUTION: Find the total savings if 300 is compounded continuously for: 3 years at 6%

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Question 81523: Find the total savings if 300 is compounded continuously for: 3 years at 6%
Answer by mathdoc316(9) About Me  (Show Source):
You can put this solution on YOUR website!
Compound interest is computed with e, the natural base for exponential functions.
The formula is A%28t%29+=+P+%2A+e%5E%28r%2At%29+ where P is the principal amount, A(t) is the amount at time t, and r is the rate
Evaluating this I get +300+%2A+e%5E%280.06+%2A+3%29+=+300+%2A+e%5E%280.18%29+=+300+%2A+1.1972+=+359.17+ (correct to two decimal places).