NEED HELP ASAP!!

Ted invests $5,042 in a savings account a fixed annual interest rate of 3% compounded continuously. What will the account balance be after 5 years?

$5,857.97

Step-by-step explanation:

You are going to want to use the continuous compound interest formula, which is shown below.

A = total

P = principal amount

r = interest rate (decimal)

t = time (years)

First change 3% into the decimal form:

3% -> -> 0.03

Now lets plug in the values into the equation:

Ted's account balance after 5 years will be $5,857.97

make sure you have version 2.50

try looking in the very back of the book : )

step-by-step explanation:

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