Question

Lex deposited $5,000 at 3.8% interest, compounded continuously, when he was 22

years old. How much will be in the account after 18 years, if he made no other
deposits or withdrawals?
O $8,808.00
O $25,392.92
O $9,908.95
O $5,353.97

Answer 1

Below

Explanation:

The equation to use for CONTINUOUS compounding is :

FV = PV e^(it)

= 5000 e^(.038 * 18) = 9908.95 dollars

Answer 2

Answer: 9,908.97 is about what I got

Step-by-step explanation: