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

Mathematics

2 answers:

Natasha_Volkova [10]3 years ago

5 0

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

Taya2010 [7]3 years ago

3 0

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

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