You deposit $500 into an account that pays 4.25% annual interest compounded continuously. What is the balance after 10 years?

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03-02-2022
Mathematics

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You deposit $500 into an account that pays 4.25% annual interest compounded continuously. What is the balance after 10 years?

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Jdoe0001idn Jdoe0001idn · Answer 1 · 2022-02-03T21:14:48-05:00

Jdoe0001idn Jdoe0001idn

03-02-2022

[tex]~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$500\\ r=rate\to 4.25\%\to \frac{4.25}{100}\dotfill &0.0425\\ t=years\dotfill &10 \end{cases} \\\\\\ A=500e^{0.0425\cdot 10}\implies A=500e^{0.425}\implies A\approx 764.80[/tex]

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