Answer:
$3743.43
Step-by-step explanation:
The amount is given by the formula ...
A = Pe^(rt)
where P is the principal, r is the annual rate compounded continuously, and t is the number of years. Filling in the values, we get ...
A = $1600·e^(0.0425·20) = $1600·e^0.85
≈ $1600·2.33964685 ≈ $3743.43
The amount in the account will be $3743.43.
