Question

Connor invested $77,000 in an account paying an interest rate of 4.5% compounded

continuously. Assuming no deposits or withdrawals are made, how much money, to
the nearest hundred dollars, would be in the account after 12 years?

Answer 1

this answer is actually correct. the answer is 132100.

Explanation:

Compounded Continuously:

A=Pe^{rt}

A=Pe

rt

P=77000 r=0.045 t=12

Given values

A=77000e^{0.045(12)}

A=77000e

0.045(12)

Plug in

A=77000e^{0.54}

A=77000e

0.54

Multiply

A=132132.528388

A=132132.528388

Use calculator (with e button)

A= aprroximatley 132100

A≈132100

Round to nearest hundred dollars

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