Question

Situation:

You invest $3,700 in an account that pays an interest rate of 8.25%, compounded continuously.

Calculate the balance of your account after 19
years. Round your answer to the nearest
hundredth.

Enter the correct answer.

Answer 1

$17,740.19

Explanation:

A = P x e^rt

= 3,700 x e^(0.0825 x 19)

= $17,740.19