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QuizMath Formula

Types of Compound Interest — Quiz

Question 1 • Advanced Financial Algebra

Nash has deposited his bonus into an account that grows with continuous compounding interest. What will be the total amount after 7 years? A=P⁢e^r⁢t principal amount ( P ): $6,000 annual interest rate ( r ): 2.5% or 0.025 time ( t ): 7 years Enter your answer in the box, rounding to two decimal places.

Answer

Math Formula Answer:

7147.48

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Nash has deposited his bonus into an account…