Find the number that makes the ratio equivalent to 28:96.
1 answer:
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Answer:
The amount in account after 7 years of investment is $1478.4
Step-by-step explanation:
Given as :
The principal invested in account by Jamie = p = $1200
The rate of interest = r = 3% compounded annually
The Time period of investment = t= 7 years
Let The Amount in Jamie account = $ A
<u>For continuous compounding</u>
Amount = Principal ×
Or, A = p ×
Or, A = $1200 ×
Or, A = $1200 ×
Or, A = $1200 × 1.232
∴ A = $1478.4
So, The amount after continuous compounding = A = $1478.4
Hence , The amount in account after 7 years of investment is $1478.4 Answer