Question

Ted invests $6,082 in a retirement account with a fixed annual interest rate of 5% compounded continuously. What will the account balance be after 13 years?

Answer 1

$11468.52

Explanation:

Given data

Principal= $6,082

Rate= 5%

time= 13 years

The expression for compound interest is

A= P(1+r)^t

substitute

A=6082(1+0.05)^13

A=6082(1.05)^13

A=6082*1.885649

A=11468.52

Hence the Amount is $11468.52