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Helen deposited $1200 at 5% interest compounded continuously. After 6 years, how much did she have ? I got $2,160 but I was tol...Asked by Marryy
Helen deposited $1200 at 5% interest compounded continuously. After 6 years, how much did she have ?
I got $2,160 but I was told it was incorrect
I got $2,160 but I was told it was incorrect
Answers
Answered by
Henry
P = Po*e^(r*t).
r*t = 0.05*6 = 0.3.
P = 1200 * e^0.3 = $1619.83.
r*t = 0.05*6 = 0.3.
P = 1200 * e^0.3 = $1619.83.