Question

li invested $9,400 in an account paying an interest rate of 2.3% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 19 years?

Answer 1

Answer:Amount after 19 years is $14,480 (Rounded off)

Nearest hundred dollars = $14,500

Step-by-step explanation:

Compute compound interest using the following formula: A = P(1 + r/n) ^ nt

A= Total amount value

P = principle amount invested

r = rate of interest

n = numbers of years invested

A = $9,400 r =2.3% n =19 years

A= 9400 (1+2.3÷19) ^ 19 = $14,480 (Rounded off)

Amount after 19 years is $14,480 (Rounded off)

Nearest hundred dollars = $14,500

Explanation: