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To Err Is....To Gain From It Is....

In February, 2008, Benjamin Lovell finally got in trouble. Due to a Commerce Bank error in December of 2007, he discovered an extra $2 million dollars in checking account.

Mr. Lovell contacted the bank and stated that something was wrong with his account. The bank replied that an error had not been made and that the money "was his and he could withdraw" it if he wished. So Mr. Lovell, a 48-year-old salesman did.

Now, he has been charged with grand larceny. Due to poor investments, Mr. Lovell does not have much of the money left.

Question: Suppose Mr. Lovell had withdrawn the $2 million dollars on December 1, 2007, and was caught on February 20, 2008. If he had invested the full amount in a saving's account where he could get a rate of 5% compounded continuously, how much money would he have made (i.e. would it be enough to pay for his lawyer)?

Source: Bellingham Herald, February 21, 2008