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Jacob invests $6,047 in a retirement account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 15 years? A) $20,076.75 B) $…
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Jacob invests $6,047 in a retirement account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 15 years? A) $20,076.75 B) $…
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Apr 17, 2022
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Jacob invests $6,047 in a retirement account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 15 years?
A) $20,076.75
B) $17,280.22
C) $18,533.17
D) $21,640.41
Mathematics
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Marco Rehmer
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P=6,047
R= 8%
T= 15
And key word is compound or simple
Yours is compound so A=p(1+r)^t you plug in number and it only give you total after you get that answer you subtract it with 6,047 and that should be your answer
Dydil
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Apr 21, 2022
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