Given:
[tex]\begin{gathered} P=4000 \\ r=8\% \\ t=20 \end{gathered}[/tex]Required:
To find the balance amount after 20 years.
Explanation:
The formula is
[tex]\begin{gathered} A=Pe^{rt} \\ \\ =4000e^{0.08\times20} \\ \\ =4000(2.71828)^{1.6} \\ \\ =19812.13 \end{gathered}[/tex]The total amount accrued, principal plus interest, with compound interest on a principal of $4,000.00 at a rate of 8% per year compounded continuously over 20 years is $19,812.13.
Final Answer:
The balance amount after 20 year is $19,812.13
