Suppose you deposit $1200 into a savings account that compounds interest continuously at 3.9%. You left your money in the account to grow for 10 years. How much money did you have in the account at the end of the ten year time period?

you would have $1772 at the end of 10 years.

Step-by-step explanation:

The formula for continuously compounded interest is

A = P x e (r x t)

Where

A represents the future value of the investment after t years.

P represents the present value or initial amount invested

r represents the interest rate

t represents the time in years for which the investment was made.

e is the mathematical constant approximated as 2.7183.

From the information given,

P = $1200

r = 3.9% = 3.9/100 = 0.039

t = 10 years

Therefore,

A = 1200 x 2.7183^(0.039 x 10)

A = 1200 x 2.7183^(0.39)

A = $1772 to the nearest dollar

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