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S_A_V [24]
3 years ago
11

Melanie invested $5,500 in an account paying an interest rate of 6.9% compounded continuously. Assuming no deposits or withdrawa

ls are made, how much money, to the nearest dollar, would be in the account after 11 years?
Mathematics
1 answer:
Phantasy [73]3 years ago
7 0

Answer:

A=\$11,748.76

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

A=P(e)^{rt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest in decimal  

t is Number of Time Periods  

e is the mathematical constant number

we have  

t=11\ years\\ P=\$5,500\\ r=6.9\%=6.9/100=0.069  

substitute in the formula above

A=5,500(e)^{0.069*11}  

A=5,500(e)^{0.759}  

A=\$11,748.76

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