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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Latifah 1 week 2021-07-22T22:31:33+00:00 1 Answers 0 views 0

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    2021-07-22T22:32:42+00:00

    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

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