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larisa [96]
3 years ago
10

You invest $2,800 in an account that pays an interest rate of 6.5% compounded continuously calculate the balance of your account

after 19 years. Round your answer to the nearest hundredth
Mathematics
1 answer:
Lady_Fox [76]3 years ago
8 0

Answer:

$9627.46

Step-by-step explanation:

-The amount after 19 years for a 6.5% compounded continuously is given by the formula:

A=Pe^{rt}

Where:

A is the final amount after investment

P is the initial amount invested

r is the stated annual interest rate.

t is period of investment

#We then substitute our values in the equation to solve for A:

A=Pe^{rt}\\\\=2800e^{19\times 0.065}\\\\=9627.46

Hence, the amount after 19 years is $9,627.46

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