Question

Eugene invests $5,774 in a retirement account with a

fixed annual interest rate of 6% compounded continuously. What will the account
balance be after 14 years?

Answer 1

$13,374.70

Explanation:

Continuously compounded interest

`A = Pe^(rt)`

`A = $5774e^(0.06 * 14)`

`A = $5774e^(0.84)`

`A = $13374.70`