We find that the answer is $895.09.
Compound interest is interest calculated on the initial principal, which also includes all of the accumulated interest from the previous.
How to find how much would $600 be worth after 10 years, if it were invested at 4% interest compounded continuously?
Hint: Use the formula below and round your answer to the nearest cent.)
A(t)=P•e^rt.
Applying the given formula:
A = $600e^(0.04*10),
or
= $895.09.
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