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A principal amount of $4,700 is deposited into an account paying interest at a rate of 3%, continuously compounded. What will be the account balance after 3 years?
A. $5,142.62
B. $5,882.09
C. $6,430.29
D. $8,010.51

Sagot :

Adioabiolaidn

The account balance after 3 years if the interest is compounded continuously is $5,142.62

How to find compound interest?

  • Principal, P = $4,700
  • Time,t = 3 years
  • Interest rate, r = 3%

r = 3/100

r = 0.03 rate per year,

A = Pe^rt

A = 4,700.00(2.71828)^(0.03)(3)

= 12,775.916^0.09

A = $5,142.62

Therefore, the account balance after 3 years if the interest is compounded continuously is $5,142.62

Learn more about compound interest:

https://brainly.com/question/24924853

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