Answer:
Step-by-step explanation:
The compound amount formula for continuous compounding is
A = Pe^(rt), where P is the initial amount, r is the interest rate as a decimal fraction, and t is the time in years. Here we have:
A = $11,000e^(0.048*17) = $24,875.80
Rounding this off to the nearest ten dollars, we get $24,880.
The amount of money that should be in the account after 17 years is $24,875.80.
Since Khloe invested $11,000 in an account paying an interest rate of 4.8% compounded continuously. And, there is 17 years
So, the amount should be
A = $11,000e^(0.048*17)
= $24,875.80
= $24,880
hence, The amount of money that should be in the account after 17 years is $24,875.80.
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