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Suppose you invest $500 at an annual interest rate of 8.2% compounded continuously. How much will you have in the account after 15 years? (1 point)

$1,671.74
$17,028.75
$1,710.61
$8,140.92

Respuesta :

(1.082)^15(500)=$ 1,630.71. I do not see this figure as an option, but it is the correct response.
W0lf93
The formula to find the amount with principal P, rate of interest r and time t when it is compounded continuously is 
A=Pe^(rt)
 P=$500 r=8.2% n=15
 A=500*e^(0.082*15)
  =500*e^1.23
 = 1710.61476814
 Rounding off to the nearest hundredths, we have
 A= $1,710.61

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