Respuesta :
Total amount in account after 11 years is $ 2027.14
Solution:
Given that Amelia invested $1,700 in an account paying an interest rate of 1.6% compounded continuously
To find: Total amount in the account after 11 years
The total amount formula for compounded continuously is given as:
[tex]A = p e^{rt}[/tex]
Where "p" is the principal
"r" is the rate of interest
"t" is the number of years
Here in this problem, p = 1700
[tex]r = 1.6 \% = \frac{1.6}{100} = 0.016[/tex]
t = 11 years
Substituting the values in formula we get,
[tex]A = 1700e^{0.016 \times 11}\\\\A = 1700e^{0.176}\\\\A = 1700 \times 1.1924\\\\A = 2027.14[/tex]
Thus total amount in account after 11 years is $ 2027.14
Answer:
Step-by-step explanation:
2400e(0.016)(5)=P
2400e0.08=P
2215.479...=P
Rounded to the nearest dollar, P≈$2215.
