The amount in the account at the end of 8 years will be $2848.32.
What is compound interest?
Compound interest is the interest levied on the interest. It is given that You put $2012 into an account earning 4.345% interest compounded continuously.
The formula for the calculation of compound interest is given as:-
[tex]A =Pe^{rt}[/tex]
A = Amount'
P = Principle
r = Interest rate
t = Time
The amount after 8 years will be calculated as:-
[tex]A = 2012\times e^{0.004345\times 8}[/tex]
A = $ 2848.32
Therefore the amount in the account at the end of 8 years will be $2848.32.
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