Question

If you put $2,000 in a savings account that pays 6% interest compounded continuously, how much money will you have in your account in 4 years? Assume you make no additional deposits or withdrawals

Answer 1

2,000 e^.06 t

2,000 e^.24

2,000 * 1.27124915

$ 2,542.50

Answer 2

thanks Damon :)

Answer 3

How long will it take $8000 to grow to $20,000 if the rate of interest is 7% compounded continuously?