Question

Nyah deposited $750 in a new bank account that earns 5.8% interest compounded continuously. If there are no other deposits or withdrawals, find the total amount in her account after 15 months.

Answer 1

The total amount in her account is $1,128.60.

What is the total money in the account?

The formula for calculating future value when there is continuous compounding is :

A x e^r x N

Where:

• A= amount = $750
• e = 2.718281
• N = number of years = 1.42 years
• r = interest rate

$750 x e^0.058 x 1.42 = $1,128.60

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