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Rudiy27
3 years ago
5

The Kwans are saving for their daughterÍs college education. If they deposit $12,000 in an account bearing 6.4% interest compoun

ded continuously, how much will be in the account when Ann goes to college in 12 years?
Mathematics
1 answer:
dexar [7]3 years ago
4 0
Principal amount (P) = $12000
Rate of interest (I) = 6.4%
Time of deposit = 12 years
Let us assume the final amount to be = A
Then
<span>A = P ( 1+r ) ^ t
</span>   = 12000 (1 + 0.064) ^12
   = 12000(1.064)^12
   = 12000 * 2.105
   = 25260 dollars
From the above deduction, it can be concluded that the account will have $25260, when Ann goes to college in 12 years.
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