Question

you invest $4,100 in an account that pays an interest rate of 8.5%, compound continuously. Calculate the balance of your account after 17 years. Round your answer to the nearest hundredth.

Answer 1

16400$

Explanation:

Persent invest value= 4100$

Compound intrest rate=8.5% or 0. 085 (annual)

Time period =17 years

According to compound interest formula

Future valve (fv) =persent value(pv) (1+r)^n

Substitute all values

Fv=4100$(1+0.085)^17

Fv=4100$(1.085)^17

Fv=4100 * 4.00

Fv= 16400 $ answer