To solve this problem, we will use the formula for continuous compound interest, which is A = P * e^(rt).

Here,
P = principal amount (the initial amount of money) = $300
r = annual interest rate (in decimal form) = 9% = 0.09
t = time (in years) = 3 years
e = Euler's number, a constant approximately equal to 2.71828

Substitute these values into the formula:

A = 300 * e^(0.09*3)

Now, calculate the exponent first:

0.09 * 3 = 0.27

Then, calculate e raised to the power of 0.27:

e^0.27 ≈ 1.30986

Finally, multiply this result by the principal amount:

A = 300 * 1.30986 ≈ $392.96

So, the amount of money that $300 would grow to after 3 years of being invested at a 9% interest rate compounded continuously is approximately $392.96. Therefore, the answer is A. $392.98, rounded to the nearest cent.

Question

To solve this problem, we will use the formula for continuous compound interest, which is A = P * e^(rt).

Here, 
P = principal amount (the initial amount of money) = $300
r = annual interest rate (in decimal form) = 9% = 0.09
t = time (in years) = 3 years
e = Euler's number, a constant approximately equal to 2.71828

Substitute these values into the formula:

A = 300 * e^(0.09*3)

Now, calculate the exponent first:

0.09 * 3 = 0.27

Then, calculate e raised to the power of 0.27:

e^0.27 ≈ 1.30986

Finally, multiply this result by the principal amount:

A = 300 * 1.30986 ≈ $392.96

So, the amount of money that $300 would grow to after 3 years of being invested at a 9% interest rate compounded continuously is approximately $392.96. Therefore, the answer is A. $392.98, rounded to the nearest cent.

Knowee AI · Accepted Answer

To solve this problem, we will use the formula for continuous compound interest, which is A = P * e^(rt).

Here, 
P = principal amount (the initial amount of money) = $300
r = annual interest rate (in decimal form) = 9% = 0.09
t = time (in years) = 3 years
e = Euler's number, a constant approximately equal to 2.71828

Substitute these values into the formula:

A = 300 * e^(0.09*3)

Now, calculate the exponent first:

0.09 * 3 = 0.27

Then, calculate e raised to the power of 0.27:

e^0.27 ≈ 1.30986

Finally, multiply this result by the principal amount:

A = 300 * 1.30986 ≈ $392.96

So, the amount of money that $300 would grow to after 3 years of being invested at a 9% interest rate compounded continuously is approximately $392.96. Therefore, the answer is A. $392.98, rounded to the nearest cent.

How much would $300 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cent.𝐴(𝑡)=𝑃∙𝑒𝑟𝑡A(t)=P∙e rt A.$392.98B.$381.00C.$364.18D.$306.11SUBMITarrow_backPREVIOUS

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