Question

Josslyn placed $4400 in a savings account which earns 3.2% interest, compounded continuously. How much will she have in the account after 8 years? Round your answer to the nearest dollar. Do NOT round until you have calculated the final answer.

Answer 1

Answer:5684

Explanation:

pe

Answer 2

The initial amoud on her savings is $4400, so now we can calculate the interest that she generate in one year:

`4400\cdot(3.2)/(100)=140.8`

so in 8 year is going to be:

`140.8\cdot8=1126.4`

So the total amoud will be the initial amound plus the interest she earn so:

`4400+1126.4=5526.4`

and rounded would be like:

`5526\text{ dollars}`