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Joseph invested $16,000 in an account paying an interest rate of 5.7% compounded
continuously. Assuming no deposits or withdrawals are made, how much money, to
the nearest cent, wbuld be in the account after 14 years?

Respuesta :

Answer: 34767.2

Step-by-step explanation:

given p = $16,000, n = 14 years, y = 5.7%

amount in bank after 14 years = p ( 1 + </100)

= 16,000 (1 + 5.7/ 100) 14

= 34767.2

mhanifa

Answer:

  • $35537.51

Step-by-step explanation:

Required formula:

  • P(t) = P₀[tex]e^{rt}[/tex]

Substitute values and solve:

  • P(14) = 16000[tex]e^{0.057*14}[/tex]
  • P(14) = 35537.51

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