1. The model represents an equation.
1 answer:
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Answer:
B. $3525.43
Step-by-step explanation:
We will use continuously compound interest formula to solve our problem.
A= Amount after T years.
P= Principal amount.
r= Interest rate (in decimal form).
e= The mathematical constant e.
T= Time in years.
First of all we will convert our interest rate in decimal form.
Now let us substitute our given values in above formula.
Therefore, we will get an amount of $3525.43 after 10 years and option B is the correct choice.