You invest $900 in an account that pays an interest rate of 5.5%, compounded continuously. calculate the balance of your account after 6 years. round your answer to the nearest hundredth

$1251.87

Step-by-step explanation:

You invest $900 in an account that pays an interest rate 5.5%, compounded continuously. Calculate the balance of your account after 6 years.

In this question it is given that interest 5.5% is compounded continuously, it means your principal amount is constantly earning interest. We use the formula :

Where A = Amount

           P = Principal amount ($900)

           e = Mathematical constant e

           r = rate of interest 5.5% ( 0.055)

           t = Time in years (6)

Now we put the values

A = 900 × 1.390968

A = 1251.871316 rounded to $1251.87

The balance of your account after 6 years would be $1251.87.

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