contestada

A savings account with an initial deposit of $6,000 has an annual interest rate of 2.5%. The interest on the account is compounded continuously. What is the
balance of the account, to the nearest cent, after 2 years?
Enter the correct answer in the box.

Respuesta :

znk

Answer:

[tex]\large \boxed{\$6307.63}[/tex]

Step-by-step explanation:

We can use the formula for interest compounded continuously.

[tex]\begin{array}{rcl}A & = & Pe^{rt}\\& = & 6000e^{0.025 \times 2}\\& = &6000e^{0.050}\\& = & 6000\times 1.05127\\& = &\mathbf{\$6307.63}\\\end{array}\\\text{The balance on the account is $\large \boxed{\mathbf{\$6307.63}}$}[/tex]

Otras preguntas