Question

You receive $1,000 to put in the bank. You place it in an account that pays 6% annual interest compounded continuously. How much will you have in 12 years? Round the answer to the nearest dollar. SHOW WORK PLZ​

Answer 1

2054.43$ = 2054$

Explanation:

Here, by analyzing the question we get;

Principal= 1000$

Time (In years) = 12

Rate (Annual) = 6%

Now;

First convert R into decimal= 0.06 rate per year

Now solving the equation for A:

A=Pe^(rt)

=1000(2.71828)^(0.06*12)

=$2054.43

If you have any questions, just ask me in the comments

Answer 2

The answer is $2054 grade