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13-06-2017
Mathematics

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you invest 4900 in an account that pays an interest rate of 5.5% compounded continuesly calculate the balance of your account after 6 years round to nearest hundredth Mathematics

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Aliwohaish12 Aliwohaish12

13-06-2017

Hi there

The formula is
A=pe^rt
A future value?
P present value 4900
E constant
R interest rate 0.055
T time 6 years

A=4,900×e^(0.055×6)
A=6,815.74

Hope it helps

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