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gtnhenbr [62]
2 years ago
13

Plz show your work

Mathematics
1 answer:
DENIUS [597]2 years ago
8 0

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  

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