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khuak877
17.07.2019 •
Mathematics
You invest $900 in an account that pays an interest rate of 5.5%, compounded continuously. calculate the balance of your account after 6 years. round your answer to the nearest hundredth
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Ответ:
$1251.87
Step-by-step explanation:
You invest $900 in an account that pays an interest rate 5.5%, compounded continuously. Calculate the balance of your account after 6 years.
In this question it is given that interest 5.5% is compounded continuously, it means your principal amount is constantly earning interest. We use the formula :
Where A = Amount
P = Principal amount ($900)
e = Mathematical constant e
r = rate of interest 5.5% ( 0.055)
t = Time in years (6)
Now we put the values
A = 900 × 1.390968
A = 1251.871316 rounded to $1251.87
The balance of your account after 6 years would be $1251.87.
Ответ:
Step-by-step explanation:
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