9 Continuously compounded interest: word problems 82J
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Gigi opened a savings account and deposited $600.00 as principal. The account earns 3%
interest, compounded continuously. What is the balance after 2 years?
Use the formula A = Pe", where A is the balance (final amount), P is the principal (starting
amount), e is the base of natural logarithms (~2.718 28), r is the interest rate expressed as
a decimal, and t is the time in years.
Round your answer to the nearest cent.
$
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