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Cynthia invested $12,000 in a savings account. If the interest rate is 6%, how much will be in the account in 10 years by compounding continuously? Round to the nearest cent.

Respuesta :

mhanifa

Answer:

  • $21865.43

Step-by-step explanation:

Given:

  • Investment P = $12000
  • Interest rate r = 6% or 0.06
  • Time t = 10 years
  • Compound number n = continuous

Use formula below to find the final amount:

  • [tex]A=P*e^{rt}[/tex]

Find the amount:

  • [tex]A=12000*e^{0.06*10}=21865.43[/tex]
HayabusaBrainly

☆Answer :

  • p = $12,000
  • r = 6%
  • t = 10years
  • n = continou

A = p • e^(rt)

A = 12,000•e^(6%•10)

A = 21865.43

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