Answer: $4338 would be in the account after 16 years.
Step-by-step explanation:
The formula for continuously compounded interest is
A = P x e (r x t)
Where
A represents the future value of the investment after t years.
P represents the present value or initial amount invested
r represents the interest rate
t represents the time in years for which the investment was made.
e is the mathematical constant approximated as 2.7183.
From the information given,
P = $3100
r = 2.1% = 2.1/100 = 0.021
t = 16 years
Therefore,
A = 3100 x 2.7183^(0.021 x 16)
A = 3100 x 2.7183^(0.336)
A = $4338 to the nearest dollar
