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**

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