85.0k views
19 votes
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?

1 Answer

6 votes

Answer:

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

User Jbdeguzman
by
8.2k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories