Levi invested $8,500 in an account paying an interest rate of 3.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 18 years?
Answers
Given : Levi invested $8,500 in an account paying an interest rate of 3.4% compounded continuously.
Assuming no deposits or withdrawals are made
To Find : how much money, to the nearest ten dollars, would be in the account after 18 years
Solation:
P = $8,500
R = 3.4 %
n = 18 years
A = P (1 + R/100)ⁿ
Assuming compounded annually
A = 8,500 (1 + 3.4/100)¹⁸
=> A = 15,516.3
=> A = 15520 $
Amount in the account after 18 years = 15520 $
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