Register
Situation: You invest $4,000 in an account that pays an interest rate of 5.5%, compounded continuously. Calculate the balance of your account after 15 years. Round your answer to the nearest hundredth.
283,316 views
23 votes
23 votes
Situation:

You invest $4,000 in an account that
pays an interest rate of 5.5%,
compounded continuously.
Calculate the balance of your account after 15
years. Round your answer to the nearest
hundredth.

User Mick DK
by
2.7k points

1 Answer

23 votes
23 votes

Answer:


{ \bf{A=(P + (r)/(100) ) {}^(n) }} \\ { \tt{ = (4000 + (5.5)/(100) ) {}^(15) }} \\ \\ { \tt{ = \: 1.074 * {10}^(54) \: dollars}}

User Atedja
by
3.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

Other Questions

Can anybody tell me what’s going on here?
Granola costs $1.76 per pound. Write and solve an equation to determine the number of pounds p of granola that can be purchased with $7.04. The equation is: The value of x is
Evalute 8a -1+0.5b when a =1/4 and b= 10 how dose this work i need help..
HELP PLEASE, I NEED THE ANSWER QUICKLY
Yall help me out please
Link Copied!