Final answer:
To determine the amount in an account after 11 years with an investment of $2,900 at a 5.4% interest rate compounded continuously, use the formula A = Pert. Plug in the given numbers and calculate the value, rounding to the nearest cent.
Step-by-step explanation:
The student has asked how much money would be in an account after 11 years if $2,900 is invested at a 5.4% interest rate compounded continuously. To find the total amount in the account, we use the formula for continuous compounding, A = Pert, where A is the amount of money accumulated after n years, including interest, P is the principal amount (the initial amount of money), r is the annual interest rate (in decimal), and t is the time in years. In this case, P = $2,900, r = 0.054 (5.4% as a decimal), and t = 11 years.
So, A = $2,900e(0.054×11).
After calculating this using a calculator, we'll round the answer to the nearest cent to find the final amount.