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you deposit $22,000 into an account that earns 3.75 annual interest compounded continously. How much money will you have after 11 years?

User Linsey
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1 Answer

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The formula for the interest compounded continuosly is given by:


A=Pe^(rt)

Where:

A is the final amount.

P initial amount= $22,000

r rate of interest = 3.75% or 0.0375

t time in year = 11 years

e= Euelr's number= 2.72

Replacing the values:


\begin{gathered} A=22000*e^((0.0375)*11) \\ A=33232.96993\approx33232.97 \end{gathered}

Answer: The final amount after 11 years is $33232.97

User Alex Kelly
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