<PRE><B>Question 70514</B>
Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 yr? After 2 yrs?
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Formula: A(t)=Pe^(rt)
A(1 yr) = 2000e^(0.06*1)
=$2123.67
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A(2 yr) = 2000e^(0.06*2)
=2000e^0.12
=$2254.99
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Cheers,
Stan H.
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