loganrenner134 loganrenner134
  • 02-05-2018
  • Mathematics
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You invest $1,600 in an account that pays an interest rate of 4.75%, compounded continuously. Calculate the balance of your account after 7 years. Round your answer to the nearest hundredth.

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mathmate
mathmate mathmate
  • 02-05-2018
For continuous compounding, the formula for future value is
F=Pe^it
=1600*e^(0.0475*7)
=1600(1.394449899)
=$2231.12  (to the nearest cent)
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