Answer:
[tex]A = 500 \cdot e^{4.25t}[/tex]
Step-by-step explanation:
Using the formula for continuously compounded interest is given by:
[tex]A = Pe^{rt}[/tex]
where
P is the present value
A is the future value
r is the rate and
t is the time in years respectively.
As per the statement:
Elaine deposited $500 at 4.25% compounded continuously for t number of years.
⇒[tex]p = \$500[/tex], r = 4.25%
Substitute these in [1] we have;
[tex]A = 500 \cdot e^{4.25t}[/tex]
Therefore, Elaine deposited $500 at 4.25% compounded continuously for t number of years is:
[tex]A = 500 \cdot e^{4.25t}[/tex]
