Question

Asked Dec 5, 2019

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If *P* dollars is deposited in a savings account that pays interest at a rate of *r* % per year compounded continuously, find the balance after *t* years. (Round your answer to the nearest cent.)

P = 1100, r = 5 1/4, t = 5

Step 1

Given information

Initially deposited amount (p) = 1100 dollars

Interest rate (r) = 5 ¼ %

Time (t) = 5 year

Interest rate is compounding interest rate

Step 2

To determine

Balance after t year

Step 3

Concept

Formula used

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