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You deposit $4000 in an account earning 7% interest compounded continuously. How much will you have in the account in 10 years?

Sagot :

[tex]~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$4000\\ r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\ t=years\dotfill &10 \end{cases} \\\\\\ A=4000e^{0.07\cdot 10}\implies A=4000e^{0.7}\implies A\approx 8055.01[/tex]

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