Final answer:
To find the amount of money in the account after 13 years, we can use the formula for continuous compound interest.
Step-by-step explanation:
To find the amount of money in the account after 13 years, we can use the formula for continuous compound interest: A = P*e^(rt), where A is the final amount, P is the initial principal, e is Euler's number (approximately 2.71828), r is the interest rate, and t is the time in years. In this case, P = $1,023, r = 9.03%, and t = 13 years. Plugging in these values:
A = 1,023 * e^(0.0903 * 13)
A = 1,023 * e^1.1739
A ≈ 1,023 * 3.2346
A ≈ $3,312.03