Question

Joseph invested $16,000 in an account paying an interest rate of 5.7% compounded

Answer 1

Answer: 34767.2

Step-by-step explanation:

given p = $16,000, n = 14 years, y = 5.7%

amount in bank after 14 years = p ( 1 + </100)

= 16,000 (1 + 5.7/ 100) 14

= 34767.2

Answer 2

Answer:

• $35537.51

Step-by-step explanation:

Required formula:

• P(t) = P₀$e^{rt}$

Substitute values and solve:

• P(14) = 16000$e^{0.057*14}$
• P(14) = 35537.51