You invest $1,600 in an account that pays an interest rate of 6.5%, compounded continuously.
Calculate the balance of your account after 6 years. Round your answer to the nearest hundredth.
let A be the amount needed let P be the invested amount=$1600 let R be the interest rate =6.5% let n be the rate/time=6 years A=P[1+(R÷100)]^n A=1600[1+(6.5÷100)]^6 A=1600[1+0.065]^6 A=1600[1.065]^6 A=1600×1.4591 A=2334.56 A=$2330
