suppose you won a contest at the start of 5th grade that deposited $3000 in an account that pays 5% annual interest compounded continuously. how much will you have in the account when you enter high school 4 years later? round to nearest dollar how much will be in the account when you graduate from high school?

Question

suppose you won a contest at the start of 5th grade that deposited $3000 in an account that pays 5% annual interest compounded continuously. how much will you have in the account when you enter high school 4 years later? round to nearest dollar                                     how much will be in the account when you graduate from high school?

Dr. Jane · Accepted Answer

compounded continuously you have to use e^rt Pe^rt 3000(e)^[(.05)(4)]

Surender · Answer

45