what will be the balance in an account that was initially $400 and has been drawing 5.5% interest compounded continuously for 8
1 answer:
Answer:
$613.87
Step-by-step explanation:
First, fortunately for us, there is a formula to calculate the compound interest. It is A=P(1+)^nt
where A is the amount you will have
P is the principal, or starting, amount
r is the interest rate (decimal)
n is the number of times the amount is compounded per year
t is the time, in years
So, plugging your values into the equation gives us
A=400(1+)^1*8
Simplifying gives us A=613.87
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