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Jace invested $8,300 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 14 years?​

Respuesta :

mhanifa

Answer:

  • $20911

Step-by-step explanation:

Given

  • Investment   P₀ = $8300
  • Interest rate   r = 6.6%
  • Compound = continuous
  • Time   t=14 years
  • P = ?

Formula for continuous compound interest:

  • P = P₀e ^rt, where e = 2.71828, constant used for continuous interest
  • P = 8300*(2.71828)^(14*0.066)
  • P = $20910.57 = $20911 rounded to the nearest dollar

maxwellS23646

Answer:

A≈20911

Step-by-step explanation:

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