Question

Ms. Gonzales is investing $17000 at an annual interest rate of 6%

compounded continuously. How much money will be in the account after
16 years? Round your answer to the nearest hundredth (two decimal
places).

Answer 1

$30444.41

Explanation:

→ Work out compound interest

(100 + 6) ÷ 100 = 1.06

→ Multiply the amount by the money

17000 × 1.06

→ Find how many years it is for

17000 × 1.06¹⁰ = 30444.41