Question

How much money will you have after 7 years if you deposit $9000 into an account that earns 3% annual interest compounded continuously?

Answer 1

We will have the following:

$\begin{gathered} P=(9000)e^{(0.03)(7)}\Rightarrow P=11103.10254... \\ \\ \Rightarrow P\approx11103.1 \end{gathered}$

So, the amount will be approximately $11 103.1.