Question 38399
If a bank compounds continuous, then the formula becomes simpler, that is A=Pe^rt where e is a constant and equals approximately 2.7183.  Calculate A with continuous compounding.  Use 20,000 at for 3 years at a rate of 8 percent.
Actually, your form should look like this:
{{{A=20000e^(3*.08)}}}
{{{A=20000e^(0.24)}}}
On your calculator, you would have a little 'e' to the 'x'. For graphing calculators they can have just the little 'e'. It should be located as 2nd then LN button. Next, hit the carrot sign (^). This means to a power. So, 'e' then ^ then .24 .... last, multiply by 20,000.
'A' should be about $25,424.98