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Mr. Goodwin received a paycheck for $1200. He deposited the money into a
bank account. The account has an interest rate of 6% compounded
continuously. This is the first and last deposit Mr. Goodwin makes into this
account. How much money will be in the account in 15 years?

Respuesta :

JeanaShupp

Answer: There will be $2951.52 money in the account in 15 years

Step-by-step explanation:

Given: Principal ; P = $1200

Interest rate;r  = 6% compounded continuously

Time; t  = 15 years

As we know the compounded continuously formula is given by

[tex]A= Pe^{rt}[/tex] where A is amount , P is principal , r is rate, t is time and e be the mathematical constant.

So according to question we have

[tex]A= 1200 e^{0.06 \times 15} = 1200 e^{0.9} \approx 2951.52[/tex]

Hence, there will be $2951.52 money in the account in 15 years

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