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AURORKA [14]
3 years ago
12

Jasmine invests $2,658 in a retirement account with a fixed annual interest rate of 9% compounded continuously. What will the ac

count be after 15 years
Mathematics
1 answer:
Feliz [49]3 years ago
4 0

Answer:

$10,253.04

Step-by-step explanation:

You are going to want to use the continuous compound interest formula, which is shown below.

A = Pe^{rt}

<em>P = principal amount</em>

<em>r = interest rate (decimal)</em>

<em>t = time (years)</em>

<em />

First, change 9% into a decimal:

9% -> \frac{9}{100} -> 0.09

Next, plug the values into the equation:

A=2,658e^{0.09(15)}

A=10,253.04

The account will have $10,253.04

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