Question

Jimmie invested $57,500 at 9.38% compounded continuously. What will Jimmie's account balance be in 42 years?

Answer 1

Answer:

$6,259,057.84

Step-by-step explanation:

hello,

compounding continuously means that we have to multiply by

$e^{0.0938*t}$

t is the number of years

so the account balance in 42 years is

$57,500e^{0.0938*42}=6,259,057.84....$

so it gives

$6,259,057.84

hope this helps