Question

Jacob invests $6,047 in a retirement account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 15 years?

A) $20,076.75
B) $17,280.22
C) $18,533.17
D) $21,640.41​

Answer 1

P=6,047
R= 8%
T= 15
And key word is compound or simple
Yours is compound so A=p(1+r)^t you plug in number and it only give you total after you get that answer you subtract it with 6,047 and that should be your answer