$14,000 is deposited into a savings account with an annual interest rate of 4% compounded continuously. How much will be in the
account after 3 years? Round to the nearest cent. $15,784.96 $15,820.00 $43,714.05 $46,481.64 if you could could you please explain thank you.
1 answer:
Option A = $15,748.096
Formula for compound interest = P(1+Interest Rate)^n
=> 14000(1.04)^3
=$15,748.096
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