Leszamora Leszamora
  • 24-05-2018
  • Mathematics
contestada

You invest $700 in an account that pays an interest rate of 6.5%, compounded continuously.

Respuesta :

datgamer13
datgamer13 datgamer13
  • 24-05-2018
To find how much you are earning for interest, do 7 x 6.5      

Since 6.5 is 6.5% of 100.    7 x 6.5 = 45.5     

This means that from 6.5% of $700 is $45.50.
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altavistard
altavistard altavistard
  • 24-05-2018
Please include the instructions when you post a question.  Thanks.

Use the formula A = P*e^(rt).

Here, A = $700*e^(0.065*t), where t is the # of years (which you have not yet included in your post).

As an example:  After 2 years you'll have   A = $700*e^(0.065*2), or A=$797.18, in your account.
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