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Micah deposited 2000 into an account that pays 6% compounded continually. how much will he have after 2 years?

Solution

Micah deposited 2000 into an account that pays 6% compounded continually. how much will he have after 2 years?

Solution

Amount : 2247.2

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.06}{1})^{1 \cdot 2}

2000 (1 + \frac{0.06}{1})^{1 \cdot 2} = 2247.2

Amount : 2247.2

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