Question

James invests $5,980 in a retirement

account with a fixed annual interest rate of
5.61% compounded continuously. What
will the account balance be after 17 years?

Answer 1

the account balance will be $15, 485.41

Explanation:

Compound interest, can be calculated using the formula FV = P*(1+R/N)^(N*T), where FV is the future value of the loan or investment, P is the initial principal amount, R is the annual interest rate, N represents the number of times interest is compounded per year, and T represents time in years.

5890*(105.61/100)*17

=15485.41