Question

Find the amount of money

Answer 1

Answer:

$20,285.51

Step-by-step explanation:

A = P + I where

P (principal) = $12,000.00

I (interest) = $8,285.51

A = Pe^(r*t)

A = 12,000.00(2.71828)^((0.075)*(7))

A = $20,285.51

e, also known as Euler's number, is a mathematical constant approximately equal to 2.71828

e here helps to show continously compounded interest

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