Formula for compounding continuously is:
A = Pe^(RT)
A = Amount, P = Principal, e = constant ≈ 2.71828..., R = Rate per year,
T = Time.
A = ?, P = $1400, R = 5.5% = 5.5/100 = 0.055, T = 6 years.
A = Pe^(RT)
A = 1400*(2.71828)^(0.055*6) use a calculator.
A ≈ 1947.35
Amount or balance is ≈ $1947.35
I hope this helps.
