Question

Plz show your work

Answer 1

Answer:

$\ 20,864.52$  

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

$A=P(e)^{rt}$  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest in decimal  

t is Number of Time Periods  

e is the mathematical constant number

we have  

$t=11\ years\\ P=\ 15,000\\ r=3\%=3/100=0.03$  

substitute in the formula above

$A=15,000(e)^{0.03*11}$  

$A=15,000(e)^{0.33}$  

$A=\ 20,864.52$