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anonymous

  • 5 years ago

You invest $700 in an account that pays an interest rate of 6.5%, compounded interest. Calculate the balance of your account after 20 years. Round your answer to the nearest hundredth. is this the equation & answer for this problem? 700 * (e^.065) * 20 = 14940.226

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  1. amistre64
    • 5 years ago
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    is it compounded 'continnuously'?

  2. anonymous
    • 5 years ago
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    yes

  3. amistre64
    • 5 years ago
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    then thats in error; right thought, wrong setup... and it looks like a google error not your own... try putting it in like this: 700*(e^(.065*20)) and see what you get

  4. amistre64
    • 5 years ago
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    700 * (e^(.065 * 20)) = 2568.50767 is better and it forces google to follow the order of operations better

  5. anonymous
    • 5 years ago
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    darn. i thought i had it right. but thanks! :)

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