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29 August, 16:30

Suppose you invest $5000 at an annual interest rate of 6.3% compounded continuously. How much will you have in the account after 3 years?

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  1. 29 August, 17:19
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    Interest equals principle times rate times time

    I=prt

    r=6.3% or 0.063

    p=5000

    t=3

    I=0.063*5000*3

    I=945

    Amount equals Interest plus Principle

    A=I+p

    A=945+5000

    A=$5,945
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