Question

Piper invested $4,700 in an account paying an interest rate of 4.8% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 19 years?

Answer 1

`~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$4700\\ r=rate\to 4.8\%\to (4.8)/(100)\dotfill &0.048\\ t=years\dotfill &19 \end{cases} \\\\\\ A=4700e^(0.048\cdot 19)\implies A=4700e^(0.912)\implies A\approx 11699.69`

Answer 2

The answer to the nearest CENT is A= 11699.69

Step-by-step explanation: round to the nearest cent