algebra II
posted by Anonymous .
What will be the amount in an account with initial principal $6000 if interest is compounded continuously at an annual rate of 3.25% for 9 years?

Pt = Po*e^rt.
r = 3.25% = 0.0325 = APR = Annual % rate expressed as a decimal.
t = 9 yrs.
rt = 0.0325 * 9 = 0.2925.
Pt = $6000*e^0.2925 = $8038.65.
Respond to this Question
Similar Questions

algebra
A continuously compounded account starts with $1500 in principal. The annual interest rate is 9.1%. What is the balance after 30 years? 
math
The amount of money in an account with continuously compounded interest is given by the formula A = Pert, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the hundredth of a year how … 
compound interest
How do I solve these problems? Complete the table for a savings account in which interest is compounded continuously. 1. Initial Investment: $1000 Annual % Rate: 3.5% Time to Double: ? 
math
Complete the table for a savings account in which interest is compounded continuously. initial investment = $600 annual % rate = ? 
calculus
Assume the initial investment was $6600 and the annual interest rate to be compounded continuously is 5%. Assume also that the target amount is $7900. If you want the account to contain the target amount given above after 9 years, … 
algebra 2
The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt , where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hundredth of a … 
algebra
The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt , where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hundredth of a … 
algebra 2
What will be the amount in an account with initial principal $6000 if interest is compounded continuously at an annual rate of 3.25% for 9 years? 
Compound interest
Hello My teacher skipped over this and I have no clue how to do this or the equations. Help would be wonderful thank you If 6000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in … 
algebra
To find the amount A in an account after t years with principal P and an annual interest rate r compounded continuously, you can use the formula