Answer:
The total investment is $5020.19
Step-by-step explanation:
Given : $2150 invested at 5.3% for 16 years and compounded continuously
To find : What is the total investment?
Solution :
The formula of continuously compounded interest is
Where A = amount invested
P = principal = $2150
e = Euler's number (on calculator)
r = interest rate as decimal = 5.3%=0.053
t = time in years = 16 years
Substitute the value in the formula,
Therefore, Option 4 is correct.
The total investment is $5020.19.
