Question

James invests $5,072 in a savings account

with a fixed annual interest rate of 9%
compounded continuously. What will the
account balance be after 11 years?

Answer 1

$13087.92

Explanation:

formula: ab^x

a= starting amount

a= 5072

b= 1+r

r=rate

r=9%=0.09

b=1+0.09 =1.09

x= 11 (years)

account after 11 years:

= 5072(1.09)^11

=13087.9227277

= 13087.92