Ask Question
24 October, 13:28

If you deposit $1000 in an account that pays 6% annual interest compounded continuously, what will the balance be after five years?

+1
Answers (1)
  1. 24 October, 16:18
    0
    The formula is

    B = 1000e^ (yr) where y = 5 years and r = 0.06 ( = 6%)

    so answer is 1000e^ (5*0.06) = $1349.86
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If you deposit $1000 in an account that pays 6% annual interest compounded continuously, what will the balance be after five years? ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers