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Ruby invested $300 in an account paying an interest rate of 6.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 13 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 & \$300\\ r=rate\to 6.1\%\to \frac{6.1}{100}\dotfill &0.061\\ t=years\dotfill &13 \end{cases} \\\\\\ A=300e^{0.061\cdot 13}\implies A=300e^{0.793}\implies A\approx 700[/tex]

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