Exponential Functions word problem

Question

A person invested $3,500 in an account earning a nominal 7% per year compounded continuously. How much was in the account at the end of 5 years?

A(t)=Pe^rt

 

$_________ please round answer to 2 decimal places

 

 

 

Answer 1

I think, using your formula, that the problem looks like this:

 

A(t)=Pert

 

A(t) = 3500e^.07(4) = 3500e^.35 = 4966.74