Jamie is investing $47,000 in an account paying 9.26% interest compounded continuously. What will Jamie's account balance be in 17 years?

Question

asked Aug 27, 2021 178k views

2 Answers

Lukas Wiklund · Answer 1 · 2021-09-03T12:31:06+0000

9514 1404 393

Answer:

$226,863.29

Explanation:

The amount is given by ...

A = Pe^(rt)

where principal P is invested at annual rate r for t years.

A = $47,000×e^(0.0926×17) ≈ $226,863.29