Given:
[tex]\begin{gathered} P=4000 \\ r=8\% \\ t=1year \end{gathered}[/tex]Required:
To find the balance amount after 1 year.
Explanation:
Now consider the formula
[tex]\begin{gathered} A=Pe^{rt} \\ \\ =4000(e^{0.08\times1)} \\ \\ =4000(2.71828)^{0.08} \\ \\ =4333.15 \end{gathered}[/tex]The total amount accrued, principal plus interest, with compound interest on a principal of $4,000.00 at a rate of 8% per year compounded continuously over 1 years is $4,333.15.
Final Answer:
The balance amount after 1 year is $4,333.2
