Answer:
$ 23,145
Explanation:
This is a compound interest question where the interest is compounded continuously. Hence, the formula for the value of total amount of investment is:
A = P×e^rt
Where:
A = Total value of investment after t years
P = Principal or Initial amount invested = $6,000
e = Exponential function
r = interest rate = 9% = 0.09
t = time in years = 15
So:
A = $6000 × e^15 × 0.09
A = $6000 × e^1.35
A = $23,144.553184
Approximately , A ≈$23,145
Therefore, the value (in dollars) to the nearest cent of Rochelle's investment in 15 years if the investment is earning 9% per year and is compounded continuously is $23,145.