You invest 2,200 in an account that pats an interest rate of 8.5% compounded continuously what's the balance after 6 years

Question

Mathematics

Chace Myers

19 July, 19:35

You invest 2,200 in an account that pats an interest rate of 8.5% compounded continuously what's the balance after 6 years

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Answers (1)

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Ricardo · Answer 1

Let's find the equation.

2,200*1.085^x=y

We need x to equal 6.

2,200*1.085^6=y

2,200*1.631467508843266

3,589.23

The balance after six years is $3,589.23.