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Alenkinab [10]
3 years ago
15

Shanice invests $4,668 in a savings account with a fixed annual interest rate of 2% compounded continuously. What will the accou

nt balance be after 9 years?
Mathematics
1 answer:
charle [14.2K]3 years ago
7 0

Answer:

  • $5588.61

Step-by-step explanation:

<u>Given:</u>

  • Investment P = $4668
  • Interest rate r = 2% or 0.02
  • Compound number = continuous
  • Time t = 9 years

<u>Calculate the balance:</u>

  • A = Pe^{rt}
  • A = 4668*e^{0.02*9}=4668*e^{0.18}=5588.61

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