Question

You invest $2,800 in an account that pays an interest rate of 6.5%, compounded continuously.

Calculate the balance of your account after 19 years. Round your answer to the nearest hundredth.

Answer 1

9627.46

Explanation:

The Compuned Continuously Formula is

`pe {}^(rt)`

where p is the principal(initL amount)

r is the interest rate

t is the time in years

e is Euler number

`2800e {}^(0.065(19)) = 9627.46`