peter put $8,000 into a savings account that pays 6% interest, compounded continuously. what will he have after 5 years?

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01-05-2018
Mathematics

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peter put $8,000 into a savings account that pays 6% interest, compounded continuously. what will he have after 5 years?

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TheGreatWulfbite TheGreatWulfbite · Answer 1 · 2018-05-01T16:27:39+02:00

TheGreatWulfbite TheGreatWulfbite

01-05-2018

So, continuous compound formula is:
[tex] Pe^{rt} [/tex]
P is Principal Amount
r is Rate
t is Time
P is 8000
r is 6%
t is 5
Therefore, you get $10,798.86.

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