Question

If ​$12,000 is invested for 13 years at 11​% compounded​ daily, find how much money you will have. Use the formula

Answer 1

`\bf \qquad \textit{Continuously Compounding Interest Amount}\\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$12,000\\ r=rate\to 11\%\to (11)/(100)\to &0.11\\ t=years\to &13 \end{cases} \\\\\\ A=12000e^(0.11\cdot 13)`