## What is the value of $750 invested into an account with an annual rate of 3.25% compounded continuously for 4 years and 3 months?

Question

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## Answers ( )

Answer:$861.09

Step-by-step explanation:You are going to want to use the compound interest formula, which is shown below.

[tex]A = Pe^{rt}[/tex]

A = total

P = principal amount

r = interest rate (decimal)

t = time (years)

First, change 3.25% into its decimal form:3.25% -> [tex]\frac{3.25}{100}[/tex] -> 0.0325

Next fort,we can use 4.25 since 4 years and 3 months is 4.25 in its decimal form. Now lets plug in the values:[tex]A=750e^{(0.0325)4.25}[/tex]

[tex]A=861.09[/tex]

Your answer is $861.09