Suppose you invest $950 at an annual interest rate of 6.5% compounded continuously. How much will you have in the account after 10 years? Round the solution to the nearest dollar. a.$1913
b.$1731
c.$1724
d.$1820
1 answer:
The correct answer is $1820. The formula for continuously compounded interest is A = Pe^(rt), where P is the amount of principal, r is the interest rate expressed as a decimal number, and t is the number of years. Using our information, we have: A = 950*e^(0.065*10) = 1819.76 ≈ 1820
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