Question

jayla invested $8200 in an account that grows continuously at an annual rate of 2.8%. write the function that represents the situation, where A is the value of Jaylas investment after t years. what will kayla’s investment be worth after 7 years to the nearest cent

Answer 1

`~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$8200\\ r=rate\to 2.8\%\to (2.8)/(100)\dotfill &0.028\\ t=years\dotfill &7 \end{cases} \\\\\\ A=8200e^(0.028\cdot 7)\implies A=8200e^(0.196)\implies A\approx 9975.52`