## Related questions with answers

Question

Find the amount in the account for the given principal, interest rate, time, and compounding period. P = $1,000, r = 2.8%. t = 5 years; compounded continuously

Solution

VerifiedStep 1

1 of 3Use the continuously compounded interest formula given by:

$A=Pe^{rt}\color{white}{\tag{1}}$

where:

$\begin{align*} P&=\text{the initial principal invested}\\ e&=\text{the natural base}\\ r&=\text{annual interest rate, written as a decimal}\\ A&=\text{the value of the account after $t$ years} \end{align*}$

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