Register

Situation: You invest $3,700 in an account that pays an interest rate of 8.25%, compounded continuously. Calculate the balance of your account after 19 years. Round your answer …

Situation: You invest $3,700 in an account that pays an interest rate of 8.25%, compounded continuously. Calculate the balance of your account after 19 years. Round your answer …
asked 118k views
3 votes
Situation:

You invest $3,700 in an account that pays an interest rate of 8.25%, compounded continuously.

Calculate the balance of your account after 19
years. Round your answer to the nearest
hundredth.

Enter the correct answer.

asked
User FalloutBoy
by
8.6k points

1 Answer

4 votes

Answer:

$17,740.19

Explanation:

A = P x e^rt

= 3,700 x e^(0.0825 x 19)

= $17,740.19

answered
User Wodesuck
by
7.6k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!