Eman S.

asked • 04/05/20

You deposit $3000 in an account that pays 5% annual interest compounded continuously. What is the balance after 2 years?

Please Show full work and answer I need this ASAP! and thank for your time

1 Expert Answer

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Patrick B. answered • 04/05/20

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3000 * exp(0.05*2) = 3000 * exp(0.1) = 3315.52

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Eman S.

Thank You!!!! but what do you mean by exp
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04/05/20

Eman S.

I was told to use this formula A=Pe^rt
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04/05/20

Arturo O.

Eman, exp(x) means the same as e^x.
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04/05/20

Eman S.

ohh thank you!!!!!!
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04/05/20

Arturo O.

You are welcome, Eman.
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04/05/20

Bon F.

What would it be if it was 3 years
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03/24/21

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