Answered

Shanice invests $4,668 in a savings account with a fixed annual interest rate of 2% compounded continuously. What will the account balance be after 9 years?

Answer :

mhanifa

Answer:

  • $5588.61

Step-by-step explanation:

Given:

  • Investment P = $4668
  • Interest rate r = 2% or 0.02
  • Compound number = continuous
  • Time t = 9 years

Calculate the balance:

  • [tex]A = Pe^{rt}[/tex]
  • [tex]A = 4668*e^{0.02*9}=4668*e^{0.18}=5588.61[/tex]

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