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3 years ago

13

You invest 4,100 in an account that pays an interest rate of 7.25% ,compounded continuously. Calculate the balance of your accou

nt after 8 years round your answer to the nearest hundredth.

1 answer:

levacccp [35]3 years ago

8 0

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}
\\\\
A=Pe^{rt}\qquad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to& \$4100\\
r=rate\to 7.25\%\to \frac{7.25}{100}\to &0.0725\\
t=years\to &8
\end{cases}
\\\\\\
A=4100e^{0.0725\cdot 8}\implies A=4100e^{0.58}\implies A\approx 7322.757566075$

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