Answer:
the amount of money accumulated in the savings account after 22 years with continuous compounding is $16,329.21.
Explanation:
The formula for the amount of money accumulated in a savings account with continuous compounding is:
A = Pe^(rt)
where A is the amount of money accumulated, P is the principal (initial investment), e is the mathematical constant approximately equal to 2.71828, r is the annual interest rate expressed as a decimal, and t is the time in years.
Substituting the given values, we get:
A = 4350 * e^(0.06*22)
A = 4350 * e^(1.32)
A = 4350 * 3.7486
A = $16,329.21 (rounded to the nearest cent)
Therefore, the amount of money accumulated in the savings account after 22 years with continuous compounding is $16,329.21.