Question

Jimmie invested $27,500 at 6.27% compounded continuously. What will Jimmie's account balance be in 50 years?

Answer 1

Answer:

$632,187.50

Step-by-step explanation:

hello,

compounding continuously means that we have to multiply by

$e^{0.0627*t}$

t is the number of years

so the account balance in 50 years is

$27,500e^{0.0627*50}=632,187.48565....$

so it gives

$632,187.50

hope this helps