Question

Suppose that $ 700 is invested at 5.42% compounded continuously. How much is in the account after 18 years? Round your answer to the nearest cent. Write only a number as your answer. Do not write any units.

Answer 1

Answer:

Hello!

This word problem uses the common equation called; $A=Pe^{rt}$

A = Pe^rt

P=700

e= e

r = 0.0542

t = 18

This is what you get when you plug in the according information.

700e^(0.0542*18)

700e^0.9756

=1856.9308

We need to put this into the nearest cent.

=1856.93

Have a great day!

I hope this helps you!