Determine the algebraic modeling If you invest $8,600 in an account paying displaystyle{8},{4}% annual interest rate, compounded continuously, how much money will be in the account at the end of 11 years?

DofotheroU

DofotheroU

Answered question

2021-02-02

Determine the algebraic modeling If you invest $8,600 in an account paying 8,4% annual interest rate, compounded continuously, how much money will be in the account at the end of 11 years?

Answer & Explanation

izboknil3

izboknil3

Skilled2021-02-03Added 99 answers

Given,
P=$8,600
|><=8.4%
t=11 years
A=Pe|><t=8600e(8,4100)11
A=8600e(0,084)11
A=8600x2,519
A=$21666,389
The finally answer is
A$21667

Jeffrey Jordon

Jeffrey Jordon

Expert2021-10-26Added 2605 answers

Answer is given below (on video)

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