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jeka57 [31]
3 years ago
6

Kristen invest $5428 in a retirement account with a fixed annual interest rate of 5% compounded continuously. What will the bala

nce be after 16 years?
Mathematics
1 answer:
Elis [28]3 years ago
3 0

Answer:$11848.64

Step-by-step explanation:

Let P be the principal.

Let A be the amount after t years.

Let t be the time period.

Let i be interest rate.

Given,

P=5428\\i=5\%\\t=16

A=P(1+\dfrac{i}{100})^{t}

A=5428\times (1+\frac{5}{100})^{16}=5428\times (1.05)^{16}=5428\times 2.182=11848.64

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