Answer:
$1,826
Step-by-step explanation:
Given that
The amount invested is $1,200
The annual rate of interest is 6%
And, the time period is 7
We need to find the value of the account after 7 years in the case of compounded continuously
We know that for compounded continuously, the following formula should be used
= Amount invested ×e^(rate, time)
= $1,200 × e^(0.06 ×7)
= $1,200 × e^0.42
= $1,826
