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nordsb [41]
2 years ago
6

If leticia invested $12,000 in an account in which the interest earned is continuously compounded at a rate of %2.5 find the tot

al amount after 15 years
Mathematics
1 answer:
Luda [366]2 years ago
6 0

Given:

Principal value = $12000

Rate of interest = 2.5%

To find:

Total amount after 15 years.

Solution:

Formula for amount discontinuously compounded interest is

A=Pe^{rt}

where, P is principal, r is rate of interest and t is time in years.

Substitute P=12000, r=0.025 and t=15 in the above formula.

A=12000e^{0.025(15)}

A=12000e^{0.375}

A=12000(1.45499141462)

A=17459.8969754

A\approx 17459.897

Therefore, the amount after 15 years is $17459.897.

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