Joey opened a savings account and deposited $200.00. The account earns 1% interest, compounded continuously. If he wants to
use the money to buy a new
bicycle in 1 year, how much will he be able to spend on the bike?
Use the formula A = Per, where A is the balance (final amount), P is the
principal (starting amount), e is the base of natural logarithms (~2.71828), r is
the interest rate expressed as a decimal, and t is the time in years.