What is the future value of a three-year, $3,000 deposit at 6 percent interest, when interest is compounded continuously?
A)$3,045.00
B)$3,540.00
C)$3,573.05
D)$3,591.65

Question

Quizplus · Accepted Answer

The future value of a continuously compounded interest can be calculated using the formula FV = P * e^(rt), where P is the principal amount ($3,000), r is the interest rate (0.06), and t is the time in years (3). Using this formula, the future value is approximately $3,591.65.

What Is the Future Value of a Three-Year, $3,000 Deposit