Answer:
$523.99
Step-by-step explanation:
We are asked to find the final amount amount that we will get after investing $400 at a rate of 9% interest compounded continuously after 3 years.
We will use compound interest formula to solve our given problem.
\(A=Pe^{rt}\), where,
A = Final amount after t years,
P = Principal amount,
r = Annual interest rate in decimal form.
\(9\%=\frac{9}{100}=0.09\)
\(A=400e^{0.09(3)}\)
\(A=400e^{0.27}\)
\(A=400(1.3099644507332473)\)
\(A=523.98578029329892\)
\(A\approx 523.99\)
Therefore, the amount will be worth $523.99 after 3 years.
