Question

George invested $2000 in a savings
account that has an interest rate of
4.7% After 5 years, what is the balance
if the account is compounded...Continuously?
a. A=$2516.31
b. A=$3.21
c. A=$2528.66
d. A=2529.82​

Answer 1

Answer:

Answer is A $2516.31

Step-by-step explanation:

P=$2000

T=5yrs

R=4.7%

Compound amount(CA)= P(1+R/100)T

=2000(1+4.7/100)5

=2000(104.7/100)5

=2000*1.258

=$2516.31

=2192.418