Question

Jamie is investing $47,000 in an account paying 9.26% interest compounded continuously. What will Jamie's account balance be in 17 years?

Answer 1

the answer is $226,863.29

Answer 2

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Answer:

$226,863.29

Explanation:

The amount is given by ...

A = Pe^(rt)

where principal P is invested at annual rate r for t years.

A = $47,000×e^(0.0926×17) ≈ $226,863.29