$1250 is deposited in an account that pays 6.5% annual interest, compounded continuously. What is the balance after 8 years?
1 Answer
Mar 24, 2017
$2102.53
Explanation:
First, you can use the formula
P is the initial amount of money deposited (1250)
e is a constant
r is the rate which will be written as a decimal (0.065)
and t is the 8 years.
so the equation would be
this will give you an answer of $2102.53