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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?
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3 votes
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?

User Mtay
by
7.9k points

1 Answer

2 votes

Answer:

$13,374.70

Explanation:

Continuously compounded interest


A = Pe^(rt)


A = $5774e^(0.06 * 14)


A = $5774e^(0.84)


A = $13374.70

User Ryan McCarron
by
7.9k points
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