We have to calculate the amount of money Peter will have in his account after 5 years. Formula for the amount after t years with interest compounded continuously : A = P * e ^(rt)
We know that r = 0.06, t=5, e = 2.71 and p= $8,000
A = 8,000 * 2,718 ^(0.06 * 5) = 8,000 * 2,718 ^ (0.3) = 8,000 * 1.3488158 = 10,798.53 so the answer is 10,798.53
