You invest $1500 in a bank account that has a 3% annual interest rate, compounded continuously. How much will you have in 15 years?

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08-05-2017
Mathematics

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You invest $1500 in a bank account that has a 3% annual interest rate, compounded continuously. How much will you have in 15 years?

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wolf1728 wolf1728 · Answer 1 · 2017-05-08T07:28:05+02:00

wolf1728 wolf1728

08-05-2017

We use the formula:
Total = Principal * e ^ (rate * years)
Total = 1,500 * e ^ (.03 * 15)
Total = 1,500 * e ^ .45
Total = 1,500 * 1.5683121854
Total = 2,352.47

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