A principal of $800 is deposited into an account with an ann...

Question Analysis
This problem assesses the application of the continuously compounded interest formula to a real-world scenario.

Key Concept Explanation
The continuously compounded interest formula is given by , where is the principal, is the annual interest rate, and is the time in years. The value of is approximately 2.718.

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