Compund Interest

Question

I am not to good with word math problems?

 

If you put $8,000 in a money market account that pays 6.0% a year compounded continuously, how much will you have in the account in 10 years?

 

Round your answer to two decimal places.

 

$ =  ?

 

Thank You ,,

Answer 1

A = Pe^rt

A = 8000(e)^(0.06)(10)

A = 8000(e)^0.6

 

Use your calculator to determine e^0.6 then multiply by 8000.