Question

Suppose you place $90 in a bank account that earns 2% interest. How much would you have accumulated in the account after 6 years if the bank offers interest paid continuously?

Answer 1

Continuous compounding formula:

Where,
A = Amount in the future.
P = Principal amount invested.
r = rate of interest
t = number of years
e = mathematical constant (value = 2.718282)

Therefore,

Therefore, the accumulated amount in your account after 6 years will be $101.47