Question

Jimmie invested $27,500 at 6.27% compounded continuously. What will Jimmie's account balance be in 50 years?

Answer 1

$632,187.50

Explanation:

hello,

compounding continuously means that we have to multiply by

`e^(0.0627*t)`

t is the number of years

so the account balance in 50 years is

`27,500e^(0.0627*50)=632,187.48565....\\`

so it gives

$632,187.50

hope this helps