Answer:
Explanation:
The formula for continuously compounded interest is
A = P x e (r x t)
Where
A represents the future value of the investment after t years.
P represents the present value or initial amount invested
r represents the interest rate
t represents the time in years for which the investment was made.
e is the mathematical constant approximated as 2.7183.
From the information given,
P = 15300
r = 2.6% = 2.6/100 = 0.026
t = 35 years
Therefore,
A = 15300 x 2.7183^(0.026 x 35)
A = 15300 x 2.7183^0.91
A = $38010.4