Question

Khloe invested $160 in an account paying an interest of 5.7% compounded continuously. How much money to the nearest ten dollars would be in the account after 17 years?

Answer 1

$410

Step-by-step explanation:

The formula for calculating the amount is expressed as:

A = P(1+r)^t

P is the principal (amount invested) = $160

r is the rate = 5.7% = 0.057

t is the time = 17 years

Substitute the given values into the formula as shown;

A = 160(1+0.057)^17

A = 160(1.057)^17

A = 160(2.5661)

A = 410.58

Hence the amount that will be in the account after 17years to the nearest ten dollars is $410