Answer:
$21,867.49
Step-by-step explanation:
Since the problem deals with continuous compound interest, we can use its correlating formula [tex]P(t)=Pe^r^t[/tex], where P is the principal (initial) amount, r is the rate in decimal form and t is time in years.
We're given the initial value, $3800, the rate which is 5% or 0.05 and the time, 35 years. All we have to do is plug in the values and evaluate.
[tex]P(t)=Pe^r^t=(3800)e^0^.^0^5^(^3^5^)=21,867.49[/tex]
Let me know if you have any questions!
