An amount of $50,000.00 is deposited in a bank paying an annual interest rate of 3.75%, compounded continuously. What is the balance after 5 years?
We're using
A = Pe^(r*t)
Where A is the final amount
P is the amount invested
r is the interest rate expressed as a decimal = .0375
t is the time in years = 5
So we have
A = 50000e^(.0375 * 5) = about $ 60311.51
