cloudbaby4 cloudbaby4

04-08-2021
Mathematics

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How much would $600 invested at 8% interest compounded continuously worth after 3 years?

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khoa18050 khoa18050

04-08-2021

Answer:

[tex]a \: = \: pe ^{rt} [/tex]

[tex]a = 600e^{(.08)(3)} [/tex]

[tex]a = 762.75 \: dollars[/tex]

Since the question stated that the interest is compounded continuously, we know that Euler number is required

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