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?
Question
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?
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