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30 December, 10:13

You invest $500 in an account with an annual interest rate of 1.1%, compounded continuously. How much money is in the account after 5 years? Round your answer to the nearest whole number

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Answers (2)
  1. 30 December, 12:14
    0
    A=Pe^rt

    P would be $500

    r would be 0.011

    t would be 5

    A = (500) e^ (0.011) (5)

    A = $528.27
  2. 30 December, 12:17
    0
    Original amount * ((100 + interest) / 100) ^years

    500 * 1.011^5 = 528.111691683 = $528
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