## Ted invests $6,082 in a retirement account with a fixed annual interest rate of 5% compounded continuously. What will the account balance be

Question

Ted invests $6,082 in a retirement account with a fixed annual interest rate of 5% compounded continuously. What will the account balance be after 13 years?

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Mathematics
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2021-07-22T22:31:33+00:00
2021-07-22T22:31:33+00:00 1 Answers
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## Answers ( )

Answer:

$11468.52

Step-by-step explanation:

Given data

Principal= $6,082

Rate= 5%

time= 13 years

The expression for compound interest is

A= P(1+r)^t

substitute

A=6082(1+0.05)^13

A=6082(1.05)^13

A=6082*1.885649

A=11468.52

Hence the Amount is $11468.52