Question

Skylar invested $8,900 in an account paying an interest rate of 2.6% compounded

continuously. Assuming no deposits or withdrawals are made, how much money, to
the nearest dollar, would be in the account after 11 years?

Answer 1

Answer: 11749

Explanation:

A=Pe

rt

=

5500

=

0.069

=

11

P=5500r=0.069t=11

Given values

=

5500

0.069

(

11

)

A=5500e

0.069(11)

Plug in

=

5500

0.759

A=5500e

0.759

Multiply

=

11748.7645718

A=11748.7645718

Use calculator (with e button)

≈

11749

A≈11749

Round to nearest dollar

Answer 2

11847

Explanation:

8900e ^0.026(11)

8900e^0.286

11846.7228518

answer 11847