Question

stephanie invests $3,991 in a retirement account with a fixed annual interest rate of 6% compound continuously. What will the account balance be after 13 years?

Answer 1

7103.98

Explanation:

1) 3991 × 6% = 239.46 intrest rate of a year

2) 239.46 × 13 = 3112.98 intrest rate of 6% for 13yrs

3) 3991 + 3112.98 = 7103.98 Stephanie account balance after 13 yrs