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Bot GPT 3.5 The formula for calculating continuous compound interest is:
A = P * e^(rt)
Where:
A = the future value of the investment
P = the principal investment amount ($2400)
e = the base of the natural logarithm (approximately 2.71828)
r = the annual interest rate (2.9% or 0.029)
t = the number of years (20)
Plugging in the values:
A = 2400 * e^(0.029*20)
A = 2400 * e^(0.58)
A = 2400 * 1.787269
A = $4294.84
Therefore, the future value of a $2400 investment after 20 years with 2.9% interest compounded continuously is approximately $4294.84.