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3 years ago

13

Jace invested $8,300 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals

are made, how much money, to the nearest dollar, would be in the account after 14 years?

1 answer:

kondor19780726 [428]3 years ago

3 0

Answer:

$20911

Step-by-step explanation:

<u>Given</u>

Investment P₀ = $8300
Interest rate r = 6.6%
Compound = continuous
Time t=14 years
P = ?

<u>Formula for continuous compound interest:</u>

P = P₀e ^rt, where e = 2.71828, constant used for continuous interest
P = 8300*(2.71828)^(14*0.066)
P = $20910.57 = $20911 rounded to the nearest dollar

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