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You invest 1,200 in an account that pays an interest rate of 7.25% compounded continuously. Calculate the balance of your account after 7 years. Round your answer to your nearest hundredth.
Formula:
A=Pe^rt

Respuesta :

[tex] \bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount}
\\\\
A=Pe^{rt}\qquad
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\dotfill & \$1200\\
r=rate\to r\%\to \frac{r}{100}\dotfill &0.0725\\
t=years\dotfill &7
\end{cases}
\\\\\\
A=1200e^{0.0725\cdot 7}\implies A=1200e^{0.5075}\implies A\approx 1993.36 [/tex]

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