example 2 if you deposit $1,000 at 4.3% interest, compounded continuously, what would your ending balance be…

example 2 if you deposit $1,000 at 4.3% interest, compounded continuously, what would your ending balance be to the nearest cent after five years? what is the principal? $5,000 $1,000 $43 $5

example 2 if you deposit $1,000 at 4.3% interest, compounded continuously, what would your ending balance be to the nearest cent after five years? what is the principal? $5,000 $1,000 $43 $5

Answer

Explanation:

Step1: Identify the principal definition

The principal is the initial amount of money deposited or borrowed.

Step2: Find the initial - deposit amount

In the example "If you deposit $1,000 at 4.3% interest, compounded continuously", the initial deposit is $1,000.

Answer:

$1,000