What will the balance be after the three years

Question

the interest on a bank savings account is compounded continuously, with an annual interest rate of 8%. If a deposit of $4000 is made, then determine the balance after 3 years

Answer 1

Use the appropriate formula, A(t) = A(0)•e^rt

where A(0) will be 4000, r = 0.08 (decimal equivalent of 8%), and t = 3 years.

Round to 2 decimall places, because it's $ and cents.