You invest $2,800 in an account that
pays an interest rate of 5.5%,
compounded continuously. Calculate the balance of your account after 12 years

Respuesta :

[tex]~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$2800\\ r=rate\to 5.5\%\to \frac{5.5}{100}\dotfill &0.055\\ t=years\dotfill &12 \end{cases} \\\\\\ A=2800e^{0.055\cdot 12}\implies A=2800e^{0.66}\implies A\approx 5417.42[/tex]