If $9500 is invested at an interest rate of 9%, compounded continuously, determine the balance in the account after 3 years. Use
1 answer:
Option B
The amount in account after 3 years is $ 12444.66
<em><u>Solution:</u></em>
Given that,
$9500 is invested at an interest rate of 9%, compounded continuously
<em><u>The formula for total amount when interest is compounded continuously:</u></em>
Where "p" is the principal
"r" is the rate of interest
"t" is the number of years
In this problem,
p = 9500
t = 3 years
<em><u>Substituting the values we get,</u></em>
Thus amount in account after 3 years is $ 12444.66
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Answer:
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Reduction
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2
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Step-3
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Step-5
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Answer:
your answer is ...
Step-by-step explanation:
