Verdi8jJRoselalicia Verdi8jJRoselalicia

05-06-2017
Mathematics

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Jacob deposited $475 into his savings account. If the account accrues 2.3% interest compounded continuously, how much will he have after 4 years?

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Aliwohaish12 Aliwohaish12

05-06-2017

Hi there
The formula is
A=p e^rt
A future value?
P present value 475
R interest rate 0.023
T time 4 years

A=475×e^(0.023×4)
A=520.77

Hope it helps

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