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You invest $4,300 in an account that pays you an interest rate of 8.5%, compounded continuously. Calculate the balance of your account after 10 years. Round your answer to the nearest hundredth.

Sagot :

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Answer:

The amount is $8358.7 and the interest is $3858.7.

Explanation:

STEP 1: To find amount we use formula:

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

Step-by-step explanation:

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