A principal of $500 is deposited into an account with an ann...

Question Analysis
This problem tests the application of the continuously compounded interest formula in a real-world context.

Key Concept Explanation
The continuously compounded interest formula is , where is the principal, is the annual interest rate, and is the time in years.

Step-by-step Solution
1. Identify the parameters: dollars, , and years.
2. Substitute into the formula: