Which statement correctly describes the function?
1 answer:
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Answer:
$11535.60
Step-by-step explanation:
We have been given that Jackson deposited $5000 at 3.8% interest compound continuously when he was 18 years old.
To find the amount that Jackson will earn when he is 40 years old, we will use compound interest formula.
A= Amount after T years.
P= Principal amount.
e= Mathematical constant e.
r= Interest rate (in decimal form).
T= Time in years.
Let us convert our given interest rate into decimal form.
Upon substituting our given values in above formula we will get,
Therefore, Jackson will have $11535.60 in his account when he is 40 years old.