Jacob invests $8,634 in a savings account with a fixed annual interest rate of 2.67% compounded continuously. What will be the account balance be after 6 years?

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Nomiluks asked Jun 15, 2023

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Jacob invests $8,634 in a savings account with a fixed annual interest rate of 2.67% compounded continuously. What will be the account balance be after 6 years?

Mathematics
high-school

Nomiluks asked Jun 15, 2023

by Nomiluks

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16 votes

Answer:

$10134.12

Explanation:

Pe^(rt)

8634e^(0.0267)(6)

8634e^(0.1602)

= 10134.12

I hope this helps!

Shirin Safaeian answered Jun 20, 2023

by Shirin Safaeian

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