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Suppose you make $1500 at your summer job and you decide to invest this money in a savings account that
pays interest at an annual rate of 5.5% compounded continuously. How many dollars will be in the account
after 5 years?

Respuesta :

dshivani349

Answer:

$1912.50

Step-by-step explanation:

5.5% of $1500 is 82.50

so 82.50×5(years)

=412.5 + 1500

=1912.50

wolf1728

Answer:

You will need this formula

Total = Principal * e ^ (rate * years)

where 'e' equals 2.718281828459

Total = 1,500 * 2.718281828459 ^ (.055 * 5)

Total = 1,500 * 2.718281828459 ^ (.275)

Total = 1500 * 1.31653067486762

Total = 1,974.80

formula www.1728.org/rate2.htm

Calculator located here: https://www.1728.org/compint.htm

Step-by-step explanation:

Ver imagen wolf1728

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