You receive $1,000 to put in the bank. You place it in an account that pays 6% annual interest compounded continuously. How much
will you have in 12 years? Round the answer to the nearest dollar. SHOW WORK PLZ
2 answers:
Answer:
2054.43$ = 2054$
Step-by-step explanation:
Here, by analyzing the question we get;
Principal= 1000$
Time (In years) = 12
Rate (Annual) = 6%
Now;
First convert R into decimal= 0.06 rate per year
Now solving the equation for A:
A=Pe^(rt)
=1000(2.71828)^(0.06*12)
=$2054.43
If you have any questions, just ask me in the comments
The answer is $2054 grade
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