Andrew M. answered • 10/28/15

Mathematics - Algebra a Specialty / F.I.T. Grad - B.S. w/Honors

For continuous interest the formula is

A = Pe

^{rt}A is final amount

P = principal investment = 3500

e = euler's number (on your

scientific calculator)

r = interest rate = 5% = .05

t = time in years = 16

A = 3500e

^{(.05)(16) }= 3500e^{8}A = $10,433,352.95