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3. Columbia Corporation deposited $2,000 in an account that pays 12% interest annually. If the interest is compounded continuously, how much money will be in the account at the end of 20 years? a) $19,293 d) $22,704 b) $22,046 e) $22,900 c) $22,553

Respuesta :

alij94705

Answer:

should be the letter B. $22,046

chilljain33

The money that will be available in the account of Columbia Corporation after compound interest for the given condition will be $22,046.

What is compound interest?

The interest that is charged over the principal amount as well as the interest collected for the period until the maturity of such monetary engagement is known as compound interest.

For the purpose of given conditions, the compound interest will be,

[tex]\rm Compound\ Interest\ = Principal(1+ \dfrac{Rate}{Time})^P^e^r^i^o^d\ ^x\ ^t^i^m^e\\\\Compound\ Interest\ = 2000(1+ \dfrac{12}{365})^2^0\ ^x\ ^3^6^5\\\\Compound\ Interest\ =\$22046[/tex]

Hence, option B holds true regarding the compound interest.

Learn more about compound interest here:

https://brainly.com/question/14295570

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